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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (2039)	2/9/2000 12:35:00 PM
From: jocko	Read Replies (1) \| Respond to of 3558

Hi russ & howe..... you make very valid points. I have no stake in ABX however I do own some MIQ-M which is in the Carlin Trend and not far from the now famous "RAIN MINE". Below is for information purposes to be viewed at you leisure. Best of Luck j Le Metropole members, MINI MIDAS I know how many of you are "bummed." And, with good reason. Free markets just do not behave like gold has these past four months. The powers that are capping the gold price and desperate to stop a serious gold price advance because of the 10,000 tonnes of shorts that are out there, must be stopped. The manipulation game has to end - and soon! For those so distressed that you are thinking of throwing in the towel: the "collusion crowd" has lost control of the gold market TWICE in four months. They will lose control again. Many of the shares of the small cap gold companies went up 75% in a few days before retreating one more time. When the lasting gold price explosion comes, they can go up 300% to 800%, or more, very very quickly. It will be worth the wait and that wait might be right around the corner. In addition, the smaller golds are performing much better than the seniors. Their chart patterns and technical conditions are strengthening - these technical internals will be a factor that will propel the baby gold shares very high, very fast, when the shorts PANIC and the gold move begins in earnest. BULLET POINTS Kudos for the Caf‚'s John Brimelow who nailed the palladium and platinum market. Palladium for June delivery rose to $579.80 up $38.90. April platinum topped $500 per ounce for the first time in 9 1/2 years and settled at $498.50, up $24.20 on the day. Historically, both of those PGM's have led the way for gold. When the manipulation crowd is put in their place, that is where the price of gold is going. Barrick Gold: The negative shareholder reaction to Barrick Gold's press commentary yesterday on its hedging policies was so extreme that they just issued a press release: Toronto, Feb 8 /CNW/ - "Barrick Gold Corporation announced today that it would not increase its hedging from the level outlined in its annual outlook presentation yesterday...... "The significant 9 million ounce reduction in the committed forward-sale position reflects Barricks's confidence in the gold price. It is approximately two-thirds of the entire amount of gold supply from producer hedging in the world last year, or two-thirds of all the gold to be sold by the Bank of England." This is a significant development. Rarely does a corporation of the stature of Barrick NEED to come out with a clarification after a major presentation. The tone of the press release is very bullish and they eliminate the possibility of adding to their hedges in the future. Shareholder people power has spoken and been heard. While still early in the Australian trading period, the price of gold just popped $3.00 in access trading and the volume is VERY HEAVY for so early in the evening. A 500 lot offer was just taken at the market. The irony is Barrick's forward gold hedge reduction was rather dramatic. They really did take a big step in cutting back their forward sale program. When the price of gold rises above $319 this year, the writers of the gold calls have to be able to make delivery. That could cause the gold market to go bonkers to the upside. Gold traders responded so poorly to their announcement because these supposed masters of PR blew it big time as they led of their press release with statements like Barrick committed to hedging followed by a comment that they did not intend to deliver into their forward sales like Placer, Normandy and Anglogold are doing. Then, they touched on their increasing gold mine production. Moans were heard all over the place. One of the worst PR snafus I can ever remember. I was told Peter Munk was going to be on CNBC this morning. He ran for the hills and sent Randall Oliphant into the fray to take the heat. I thought he made a very good presentation, by the way. The market did not think so. The shares of Barrick plummeted and closed today at 17 1/4, down almost 2 full points from its high on Monday and only about 1 point off 52 week lows. Barrick led the XAU into abysmal territory. Just from the emails I received both yesterday and today, I know that their shareholders (the institutional crowd included) went BERSERK and that is why they were compelled to release this statement tonight. They are on a road show to present their case to investors and needed a fast damage control statement- thus, this bullish gold press release. * Comex Exchange Regulators were all over the floor today. Word to me is that Goldman Sachs and associates bought heavy into the Placer and Barrick announcements (as they knew what was coming) gunning to touch off delta hedged written call options that had to be covered as strike prices were breached. They then sold into those buy stops as panic buying kicked in. The market then collapsed as they drove it down. This morning about 7:30 gold was trading higher, having been $1.90 higher for some time. Then, all at the same time, Goldman Sachs, Morgan Stanley, AIG, and Societe Generale started posting low bids to create a much softer opening (according to bullion dealers that watched them do it). Clear collusion, that even other bullion dealers are now witnessing. It will not be long before their A is grass. Pardon my Caf‚ French. I received word today that Congressman Jack Metcalf has joined our camp looking for answers from the U.S. Treasury about the spreading talk that the gold market is being manipulated. The pressure is growing on Secretary Summers to fess up. Hang in there! KEEP THE FAITH <A HREF="http://www.LeMetropoleCafe.com/scripts/products.cfm">Le Metropole Cafe</A> All the best, Bill Murphy Le Patron www.LeMetropoleCafe.com