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To: Fun-da-Mental#1 who wrote (48577)	2/8/2000 5:10:00 PM
From: donald martin	Respond to of 116759

<<how do they find someone willing to sell such risky calls?>> VERY good point. Surely (hopefully) the folks at ABX don't need a lesson in contra-party risk. Is there a way to find out who's on the other side of this transaction?

To: Fun-da-Mental#1 who wrote (48577)	2/8/2000 5:14:00 PM
From: Enigma	Read Replies (1) \| Respond to of 116759

Who sold the calls? (Con't): this was my guess in an earlier posting - but if correct where's the risk: To: Lucretius Taurus who wrote (48455) From: Enigma Monday, Feb 7, 2000 6:48 PM ET Reply # of 48578 EDIT: Who sold Barrick the calls? Sorry - I had to go out and realised I'd missed the point of your question: Barrick would have made sure that whoever wrote the calls has the gold. Here's a guess - either the Swiss or Dutch CBS directly or through an intermediary. The added brilliance of this strategy for Barrick is that it can let the calls ride, and sell at some point - or take delivery, in whole or part, and it will have the gold it needs (if needs be) to cover its hedge book. Edit: this scenario if correct IMO is bullish for gold becuase if Barrick exercises it's calls on the CB gold it will be an 'off market' transaction. d