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Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE -- Ignore unavailable to you. Want to Upgrade?

To: Peter Bourgeois who wrote (407)	2/5/2000 3:10:00 PM
From: jocko	Read Replies (1) \| Respond to of 598

Hi Peter & all..... I Agree :-) 10:10p EST Friday, February 4, 2000 Dear Friend of GATA and Gold: Here's some brief but delicious news and commentary dispatched tonight by GATA Chairman Bill "Midas" Murphy to his subscribers at www.LeMetropoleCafe.com. Please post this as seems useful. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * By Bill "Midas" Murphy www.LeMetropoleCafe.com Friday night, February 4, 2000 The Cafe is loaded with plugged-in members as to what is going on behind the scenes in the gold industry. They live in South Africa, Australia, Canada, and Europe, as well as the United States. One is close to Barrick Gold and has been giving the company untold grief about its excessive hedging. He was the one who told me about Barrick?s survey of buy side/sell side analysts and that Barrick had put out a powder-puff version of the results; that is, the results were a great deal more negative toward the company?s hedging than it let on. As I reported today, Placer Dome is curtailing its hedging activities to some degree. This announcement was a HEADLINER. Another one MIGHT come Monday. For this Cafe member tells me that he understands that Barrick Gold is will announce that it will not be rolling over its hedges as it has been doing for a zillion years. Instead Barrick will deliver gold into them as they expire. That means is that Barrick will no longer be selling into the gold forward market! First Placer, then Barrick, if our info is correct. Will the Australians be far behind, or will they be asleep at the switch? This is very very bullish news. The bullion dealers can no longer feed the press with their usual disinformation that it is producer selling that is holding down the gold price. That kind of market pablum talk is history. The Gold Anti-Trust Action Committee has been urging producers to take this sort of action for months now. We have been saying it makes no sense for producers to be short the gold market now. GATA told producers that they were shooting themselves in the foot by hedging so much, that if they did not show belief in the own product, who else would? They were turning off investors for their shares. The market agreed, as gold share prices have been sinking like a submarine. Today the XAU finally reversed course and rose 14 percent, much of that rise coming AFTER the Placer news. If Barrick gold does make this sort of announcement on Monday, I propose that all of us Cafe members get a glass of wine or champagne and toast Arthur Hailey, the great Canadian novelist who sold all his Barrick stock in protest of the company's hedging policies. That came about because of GATA's request that Internet gold share investors send faxes to Barrick gold at the Denver Gold Conference last October to protest the company's hedging policies and urge them to cover their hedges. We called it "Tora! Tora! Tora!" and we announced this suprise fax attack at exactly 7:50 a.m. on a Sunday morning as the conference was starting. That time in the morning was when the Japanese surprised the U.S. fleet at Pearl Harbor. I did not even know that Arthur Hailey was a Cafe member at the time. I was stunned when he sent me a copy of the letters he had sent to Barrick Gold and to Chris Thompson, chairman of Gold Fields, the world's second-biggest gold producer. Hailey praised Thompson for taking Gold Fields' stand against hedging. Hailey stepped up to the plate and took action. It caught the attention of the press outside the United States and many highly regarded journalists reported what Hailey had done and interviewed him. As a result, Barrick was besieged by irate shareholders. Many of them had read about Hailey press and agreed with him. Hailey had been a Barrick shareholder for many years. Other shareholders began to sell. Barrick's share price made 52-week lows yesterday. One reason Barrick's share price did so well today was that the rumor of this Monday announcement was circulated among gold fund managers this afternoon. If Barrick was going to cut back on its ridiculous hedging policies, big-time investors wanted in on its plentiful gold assets in the ground. Monday will be an interesting day, to say the least. But Hailey goes into the Gold Hall of Fame regardless of what Barrick announces. Placer Dome heard him loud and clear. I will be toasting to you, Arthur, on Monday and winking to you at the same time. HIP HIP! -END- ------------------------------------------------------------------------ Shop for your Valentine at eGroups! click.egroups.com -- Check out your group's private Chat room -- egroups.com