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To: Rarebird who wrote (48035)2/4/2000 11:42:00 PM
From: russwinter  Read Replies (2) | Respond to of 116752
 
If you look at how the XAU is weighted, ABX makes up a fair amount of it. There are also other hedgers in that index. The answer to your performance question is that moment when the hedgers change their stripes. Gold stock investors want a call on gold, not companies who are clever hedgemeisters. Until ABX makes their anti-hedging announcement they will continue to be rerated lower by the market. You are looking at the wrong index until then.

Look at the moves (20-30%) in some of the better Canadian juniors (AZS, PGD, GSL, NSU, R, MNP, FGX) today. No hedging to worry about there and tremendous leverage to POG. I expect that to continue. We are just scratching the surface.



To: Rarebird who wrote (48035)2/5/2000 12:13:00 AM
From: Enigma  Respond to of 116752
 
Maybe Monday - there has been quite a bit of discussion today about the lag. IMO it will depend, on Monday at least, on how gold trades overnight.



To: Rarebird who wrote (48035)2/5/2000 6:44:00 AM
From: long-gone  Respond to of 116752
 
Should the Bank of England be subject to a full Inventory & Audit prior to any more sales?:

--------------------------------------------------------------------------------
The quest for Cuba's lost gold

According to 20,000 Cubans, the Bank of England's vaults are stuffed with treasure which belongs to them. They believe they are the heirs to a fortune sent to this country for safe-keeping in 1776. But does it even exist? Tom Gibb on a 400-year-old mystery

Thursday February 3, 2000

When Norma Perez brought the news to the small town of Esperanza, it spread as only rumours in Cuba can. A spindly woman in her 50s, Norma talks in an urgent conspiratorial whisper, at a speed which even Cubans find hard to follow. The Contreras fortune, she told people, really exists. The money is sitting in the vaults of the Bank of England waiting to be claimed. She heard it from a friend who used to be a bodyguard of Fidel Castro, who had heard them talking about it in the Council of State. It must be true. The other heirs were already organising to reclaim it. If the Contreras did not hurry, they would get left out.
Norma's news unleashed a gold fever which has spread the length and breadth of the communist-ruled island, even crossing over to the mainland US and Florida. The story of the Contreras lost gold is an old one, passed down over at least a century. But it has found its most fertile ground to reflower in today's Cuba of frustrated dreams, uncertainties and shortages.

The full version is told in a series of highly sensationalist articles published in the Cuban magazine Bohemia in 1946, now being photo-copied and passed from hand to hand in villages across the country.

The tale starts with Don Francisco Manzo de Contreras, King Phillip II of Spain's chief justice for the Indies. He arrived in Cuba to clean up smuggling in 1599. He settled in the town of Remedios on Cuba's north coast and over the next 150 years the family became exceedingly rich.

In 1776, according to Bohemia, the sole heirs of the fortune were three nuns. The articles describe in great detail how, frightened of pirate raids, they secretly took six chests of gold from their hiding place in the walls of the Santa Clara convent in the dead of night and sent them off to London with a trusted nephew, Joseph Manzo de Contreras y Perez de Prado.

The magazine quotes florid conversations between Don Francisco and his trusted servant and between the nuns and their nephew, along with descriptions of the voyage and a portrait of Joseph standing proudly in London - all, it seems, the product of the journalist's highly vivid imagination.

The final article features a group of humble sweet-makers in the small village of Majagua in central Cuba - heirs of the "bounteous fortune", who, says the chronicler, are about to become millionaires. Fifty-four years later, Angel Contreras, one of those interviewed, is still waiting for a fortune which so far has only brought the family misfortune.

Majagua is a hot, dusty little town with a typical Cuban mix of old-style red-tiled houses and Soviet apartment blocks. There is a factory for canning fruit preserves, but the family sweet-making business long since succumbed to collectivisation. Angel assures me that in the 1920s his great-grandfather once had the receipt from the Bank of England. But it did him little good.

"They put him in a madhouse," Angel says, "and then they killed him. All for greed. They wanted the money." Angel is never precise about exactly who "they" were. However, they never got the receipt because his uncle had hidden it. Unfortunately, he too was murdered and the receipt has remained lost ever since.

Of course in Cuba such things no longer happen, he tells me. But outside, in London or the capitalist world, he warns, I had better be careful.

"You should have a bodyguard," he says. "And make sure you are not followed. Otherwise they will wait until you are close to the inheritance - and then kill you!"

After Fidel Castro's 1959 revolution, Cubans had other dreams to occupy their minds and the inheritance was forgotten for a while. The new National Bank president, Ernesto Guevara, summed up the revolutionary attitude to money by signing the notes with a derisory "Che".

But the collapse of the Soviet bloc has brought the island back down to earth with a crash. There is still support for the practical achievements of the revolution, the health and education systems and low levels of crime. But the end of the millennium has left many people casting around for something in which to believe.

The news that Norma brought spread quickly. Members of the Manzo and Loyola families, also heirs, were organising to get the money, she said. The Contreras - who are mostly descended from African slaves - were going to get left out.

Over the next six months, led by a fiery orator called Roberto Perez, who is married to a member of the family, the Contreras got to work. They put out messages on the local radio to contact all the possible heirs. Committees were formed to draw up family trees. Roberto travelled up and down the country holding public meetings in town halls, accompanied always by a large man of few words who he only half-jokingly referred to as his bodyguard.

Roberto spoke with the passion of a born-again preacher - but using the slogans of the revolution. He assured people that the inheritance had never been recovered before the revolution because only individual heirs had applied. It would be different if all the heirs reclaimed it.

"I've said it a thousand times," he told a crowd of several thousand in the city of Camaguey. "Our strength is in unity."

It's a slogan which everyone in Cuba has heard many times. Through unity, Roberto said, they would also find the missing documents needed to prove their claim.

He called the meetings "family gatherings". He assured his audiences that he had(cont)
newsunlimited.co.uk



To: Rarebird who wrote (48035)2/5/2000 6:55:00 AM
From: IngotWeTrust  Read Replies (1) | Respond to of 116752
 
Re: joining a party: this is guaranteed 2 make U feel like a "golden oldie"<g>

OPEN QUOTE:
Just in case you weren't feeling too old today, this will certainly change
things.
Each year the staff at Beloit College in Wisconsin puts together a list to
try to give the faculty a sense of the mindset of that years incoming
freshmen.

Here is this year's list:

The people who are starting college this fall across the nation were born
in 1982.
They have no meaningful recollection of the Reagan Era and probably did
not know he had ever been shot.
They were pre pubescent when the Persian Gulf War was waged.
Black Monday 1987 is as significant to them as the Great Depression.
There has been only one Pope.
They were 11 when the Soviet Union broke apart and do not remember the
Cold War.
They have never feared a nuclear war.
They are too young to remember the space shuttle blowing up.
Tianamen Square means nothing to them.
Their lifetime has always included AIDS
Bottle caps have always been screw off and plastic.
Atari predates them, as do vinyl albums.
The expression you sound like a broken record means nothing to them.
They have never owned a record player.
They have likely never played Pac Man and have never heard of Pong.
They may have never heard of an 8 track.
The Compact Disc was introduced when they were 1 year old.
As far as they know, stamps have always cost about 33 cents.
They have always had an answering machine.
Most have never seen a TV set with only 13 channels, nor have they seen a
black-and-white TV.
They have always had cable.
There has always been VCRs, but they have no idea what BETA is.
They cannot fathom not having a remote control.
They were born the year that Walkman was introduced by Sony.
Roller-skating has always meant inline for them.
Jay Leno has always been on the Tonight Show.
They have no idea when or why Jordache jeans were cool.
Popcorn has always been cooked in the microwave.
They have never seen Larry Bird play.
They never took a swim and thought about Jaws.
The Vietnam War is as ancient history to them as WW1, WW2 and the Civil
War.
They have no idea that Americans were ever held hostage in Iran.
They can't imagine what hard contact lenses are.
They don't know who Mork was or where he was from.
They never heard: Where's the beef?, Id walked a mile for a Camel, Or de
plane, de plane
They do not care who shot J.R. and have no idea who J.R. is.
The Titanic was found? They thought we always knew where it was.
Kansas, Chicago, Boston, America, and Alabama are places, not groups.
McDonald's never came in Styrofoam containers.
There has always been MTV.
They don't have a clue how to use a typewriter."

Regards,
Ole 49r



To: Rarebird who wrote (48035)2/5/2000 9:45:00 AM
From: Ron Pitts  Read Replies (2) | Respond to of 116752
 
hello rarebird , It may come as a surprize to you but gold was up 7+% friday but the xau was up twice that being up 14%. abx was up 11% while pdg was up 24% bgo 42% tvx 25% drooy 30% battle mt. 32% Kinross 26% regards ron pitts



To: Rarebird who wrote (48035)2/5/2000 11:33:00 AM
From: Jim McMannis  Read Replies (1) | Respond to of 116752
 
RE:"When does the XAU start trading in accordance with the POG?

Does Gold have to close above $350 to get the XAU to join the party?
"

In absolutes it appears the XAU does have some catching up to do, if the POG can hold UP of course. OTOH, a one day move does not a market make.

Jim