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

To: Enigma who wrote (299)	6/6/2000 3:06:00 PM
From: Richard Mazzarella	Read Replies (1) \| Respond to of 4051

Enigma, <<Time to move on?>> We will miss you. LOL

To: Enigma who wrote (299)	6/6/2000 4:00:00 PM
From: russwinter	Respond to of 4051

As Paul Harvey used to say, "Now for the rest of the story". ABX's latest reported hedge position: barrick.com Even if you assume years 2000-2001 forward sales are matched by the long calls and assume no counterparty risk (which I don't), the facts are: 1. they have reduced or matched an enormous hedge position last year to an only modest (but large) one now. 2. they have pushed their dates out to 2002-2006 but still have 6,200,000 oz sold forward @ 360ish in those years. 3. they are still exposed to the tune of 2,700,000 naked calls at $363 in the out years, and 300,000 @ 300 now. Whether or not you agree with their trading (or banking)acumen or not, and I'll admit they've had success with this, the fact is that this IS NOT JUST A 16% HEDGED POSITION. If you want a true call on gold, ABX is not the stock. If you want financial trading skills, maybe ABX has that, but I'm not interested. Caveat Emptor.