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Gold/Mining/Energy : VENGOLD VENGF this is real -- Ignore unavailable to you. Want to Upgrade?

To: Hank who wrote (325)	2/22/2000 4:17:00 PM
From: suigeneris	Read Replies (1) \| Respond to of 350

maybe the NEW people have a better track record... Message 12922531

To: Hank who wrote (325)	2/22/2000 4:22:00 PM
From: The Vet	Read Replies (2) \| Respond to of 350

Hank, the situation was more complex than that. Vengold didn't directly own a gold mine, just shares in Lihir a major miner in New Guinea so they didn't manage the gold business; their value depended on the value of their stock holdings. Hedging and forward sales of gold is now almost a discredited practice and many of the so called "well managed" big gold miners who are heavily hedged are being punished by the market right now with lagging share prices and unhappy shareholders. Hedging has turned out to be good for the bullion houses and big banks and a millstone around the neck of the producers.