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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (48931)	2/12/2000 7:47:00 PM
From: d:oug	Read Replies (2) \| Respond to of 116914

Hutch, I'm sure Frank Veneroso can match your brain power and deliver an excellent exchange for a debate on an area of gold that you have already researched, and disagree with him. This man is not available, and eventhought Bill Murphy could debate you with the same position taken by Mr. Veneroso, we all know that you would make mush of Bill and he would leave, once again, with a bloody nose. Might you or another post the views of Mr. Veneroso as to your comments. <<Maybe the question of the BOE sale shouldn't be:"Why so cheap?" but should be:"Why at all?">> <<...So if it was to drive down price, then those alleged shorted hedge funds haven't covered. In deed maybe the problem arises as to what a short really is. If a company has sold forward production of 4M Toz, could that not be mistakenly accounted for as a short position of 124.4 Tonnes. In deed the whole accountability of calculating a short position on OTC derivatives and futures may be suspect. And those who state a given number of tonnes short may have some axe to grind. hutch As for me, I'm extra clueless as to what a short is and only know of derivatives used in the field of mathematics Doug

To: Zardoz who wrote (48931)	2/12/2000 11:44:00 PM
From: Gord Bolton	Respond to of 116914

Rand falls to 17-month low LUKE BAKER, Johannesburg \| Friday 5.30pm -------------------------------------------------------------------------------- THE rand weakened sharply on Friday, falling to its lowest level in 17 months as strong demand for the dollar battered the currency and forced those caught holding rand to ditch their positions. Traders said the move, which saw the rand slide from R6,32 early in the session to R6,40 at one point, was exaggerated by a thin market ahead of the weekend. But it still took the Government bonds, which have enjoyed solid buying on the back of encouraging economic fundamentals, stood their ground. The rand has suffered all week after several big gold producers announced they are buying out their bullion hedges -- transactions which mean selling rand for dollars in order to buy back gold sold forward. That has helped the bullion price rise, but dented the rand, which has lost nearly 3% since Monday. "The rising price of gold appears to have washed out a lot of the hedging positions. Rand weakness is clearly not based on fundamentals, but the short-term risk is for it to weaken further," said Bank of America's Juliet Sampson in London." Dollar strength against the euro and other major currencies also weighed. The rand's decline will be little comfort for the central bank which has been trying to unwind a large forward foreign currency position. To do that it needs to buy dollars, but must also try to maintain the stability of the rand. Most economists had forecast that sound fundamentals would keep the rand fairly stable this year -- to end around 6.35 to the dollar -- which would allow the Reserve Bank to unwind much of the forward book, perceived as the currency's Achilles' heel in the past.