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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (294)	6/6/2000 12:52:00 PM
From: russwinter	Read Replies (1) \| Respond to of 4051

I have never had a quarrel with ABX from an operational point of view. They also have excellent projects coming that will enhance their growth. I also believe Bulyanhulu in Tanzania will be even better than most suspect, because of the nearby district potential. The best way to play that though is with Pangea and Tan Range. However, when you evaluate their hedge book honestly, it can be said that they are severely capped on the prices they will be selling this gold at. They are a spread business like a bank. Banking can be good business during quiet, non-turbulent times, but I question whether a quasi-gold mining/banker deserves a growth valuation ($7 3/4 billion). The message of the market is, and will continue to be, that investors will insist on a true open ended call on gold, not a capped spread. My bet is that ABX disappoints it's investors.