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

To: Ken Benes who wrote (74028)	7/26/2001 12:12:57 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 116759

Hello Ken I am sure that you have already expressed your opinion on the following questions, but I haven't read it and am curious. If you have time I would appreciate your opinion. Although all agree that we are still in a bear market (or at best a trading range) and that it is hard to say when the bottom will be in, do you see a bull market on the horizon and what are your expectations for the long term? Do you view gold as a monetary asset that is at historical lows against the USD and other main national currencies and or is it mainly a commodity that is on the way out?

To: Ken Benes who wrote (74028)	7/27/2001 7:25:07 AM
From: long-gone	Read Replies (1) \| Respond to of 116759

Get it decrease ? "The Program includes gold price protection on planned production through 2002 at a minimum realized price of $340 per ounce. After the proposed merger with Homestake, the percentage of reserves hedged on a combined basis would decrease to 21 percent, in line with the historic parameters of Barrick's Program. (see note 3 to the unaudited financial statement). "Barrick's total spot deferred position has an asset value of approximately $4.8 billion, on which it earns an interest return. The company achieves a return on this asset based on libor and the credit rating associated with this return is that of its hedging counterparties (average ``AA''). The company has conservatively diversified this investment by exchanging a portion of its libor return for a return based on a professionally managed diversified basket of bond funds/indices. At June 30, 2001, 82 percent of the position was invested with ``AA'' hedging counterparties and the balance of 18 percent was invested in a basket of bond funds/indices with an average credit rating of ``A-''. This basket is managed to ensure that there is minimal interest rate exposure. The credit quality on the entire hedge position asset of $4.8 billion is ``AA-''. biz.yahoo.com