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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (58733)	9/22/2000 4:15:10 PM
From: long-gone	Read Replies (3) \| Respond to of 116759

You know, I don't mind Clinton preventing Americans from freezing this winter. I sure hope we don't end up needing it for some defense related problem. I do object, though that we, the American Tax Payers are also providing a fuel cost subsidy to EUROPE!!!!!!!!! Couldn't the gains he claims for the nations truck drivers have been gotten there by a Reduction in Fuel TAXES thus save a part of the petroleum reserves for a REAL emergency - not just getting Gore elected?

To: Rarebird who wrote (58733)	9/22/2000 4:36:29 PM
From: Ken Benes	Read Replies (1) \| Respond to of 116759

You could not have said it better. You call it babble, I refer to it as dribble. Regardless of the terminology, Enigma is our resident apologist for the poor management of the gold producers. I am in total agreement with your statement that a publicly traded company exists for the benefit of the shareholder, period. The gold producers have not displayed this characteristic for many years. Ken

To: Rarebird who wrote (58733)	9/23/2000 10:24:31 AM
From: Enigma	Respond to of 116759

It is true that in many cases shareholders have got together to remove directors and management - but for the most part - and I don't know how many annual annual meeting you have attended? - I've been to a great many, well over a hundred I'd say, as management/director or as a shareholder - but if you went to them you would realise that in the vast majority of cases management has it's own way - with its own votes and with proxies in favour of management. It's very hard for shareholders to influence management - so they can hold their shares or sell. Of course there are many innocent shareholders, particularly in the widows and orphans category with no one to advise them at all. You talk about all of this being nonsense - but if you don't know I guess you can't judge? I'm sending you a seperate message about reserves - maybe you and 'not a clue' might like some further enlightenment?

To: Rarebird who wrote (58733)	9/23/2000 10:38:52 AM
From: Enigma	Read Replies (2) \| Respond to of 116759

Reserves - I don't know if it was you or 'not a clue' who wrote about gold mining companies selling 'assets' at a discount? Whatever, it was one of you! Reserves are only reserves if they can be mined at the current price of gold. It's the same with all resources. Jim Gray of Canadian Hunter used the analogy of a 'triangle' with reference to oil reserves. At a low price only the tip of the triangle can be recovered economically - but as the price rises more and more of the reserves can be recovered with the use of frac and other recovery techniques It's the same with gold. Ore that costs $375/oz to recover cannot be considered as part of the reserve base because it cannot be mined economically. So it's nonsense to talk aboutgold being 'sold at a discount' - if it can't be mined it's not a reserve, nor is it an asset. But there are 10s of millions of ounces which can be mined economically at today's POG. If a company spends $375 to sell gold at $272 it will lose money. This is the fundamental issue - hedging merely delays the impact.