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

To: russwinter who wrote (295)	6/6/2000 1:14:00 PM
From: goldsheet	Read Replies (1) \| Respond to of 4051

> 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. This just isn't true. I just went through the hedge book for a post on the GPM topic. For 2000, they have 3.7 forward at 360, with 3.1 calls a 319. If gold gets above $360, they have only 600,000 ounces capped (16% of production is not severely) For 2001, they have 3.7 forward at $360, 3.7 calls at $335, exactly matched. If gold goes above $360, the calls should increase dollar-for-dollar and revenues would be exactly the same if there were no hedging at all.