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To: marginmike who wrote (65316)	2/7/2001 10:37:01 AM
From: pater tenebrarum	Respond to of 436258

Harmony (HGMCY). they had to buy puts to get the financing for the Deelkraal and Elandsrand takeovers , but that doesn't impede their upside exposure in the way forward sales would. of course there are a few 'light' hedgers out there, like NEM and HM for instance. but Harmony and GOLD are the only ones who have a DEDICATED non-hedging policy, i.e. it's an integral part of their corporate philosophy...they're not apt to surprise with a sudden change of heart. imo gold stock investors should vote with their wallets, and dump all heavy hedgers until they get the message...