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To: d:oug who wrote (48934)	2/14/2000 9:20:00 PM
From: d:oug	Respond to of 116915

(GATA) Subj: Neville Bennett - US Income Distribution: Moral Failure? Date: 2/14/00 7:01:27 PM EST From: LePatron@LeMetropoleCafe.com Le Metropole members, Neville Bennett of Christchurch, New Zealand Commentary, The Man Ray Table, "US Income Distribution: Moral Failure?" "Also diminished is the traditional middle class virtue of thrift..... ... amount the average worker saves has been falling steadily ... and for the last two years the saving has been negative ... most Americans have several credit cards." "... although many Americans own a home, the proportion of their equity has fallen steadily over the years because they keep borrowing against its value. While mortgage debt averaged 20% of the market value of houses in the early 1980s, it has now doubled to 40% and is still rising." A very good and easy read. All the best, Bill Murphy Le Patron, Le Metropole Cafe lemetropolecafe.com Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org GATA related articles can be obtained at the pay for view site. Bill Murphy, Le Patron, Le Metropole Cafe lemetropolecafe.com

To: d:oug who wrote (48934)	2/14/2000 9:23:00 PM
From: d:oug	Respond to of 116915

(GATA) Subj: Reginald H. Howe - The New Dimension: Running for Cover Date: 2/14/00 7:48:08 PM EST From: LePatron@LeMetropoleCafe.com Le Metropole members, Reginald H. Howe has served commentary, The Kiki Table entitled, "The New Dimension: Running for Cover." "Barrick's reference to the "net" position of its hedging program is somewhat misleading. Indeed, it fooled at least one gold analyst into asserting that since Barrick was able to close nearly half of its hedged position in the fourth quarter without pushing up the gold price, the gold market is not as short as Frank Veneroso and others claim, and Barrick is not "trapped" by its hedge book. However, buying calls, and particularly CSO calls, is not the same thing as closing forward contracts. Had Barrick bought physical gold in the amount of its calls (6.8 million ounces or 212 tonnes), it almost certainly would have caused the gold price to rise substantially. What is more, the very fact that it bought paper gold -- not to mention paper gold that by its very terms is not convertible into physical gold -- suggests that Barrick was in fact unable to cover its forwards in the physical markets without driving up the gold price." A sound critique on Barrick Gold. Many of you have heard the term "delta hedging." It is very hard for the average layman to understand this concept. Reg Howe explains it to you. I am working on a Midas Time commentary that refers to Reg Howe, the oil market etc. Should be out in awhile. All the best, Bill Murphy Le Patron, Le Metropole Cafe lemetropolecafe.com Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org GATA related articles can be obtained at the pay for view site. Bill Murphy, Le Patron, Le Metropole Cafe lemetropolecafe.com