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

To: russwinter who wrote (2266)	9/21/2001 12:08:39 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 4051

<Gold Council, Veneroso> The missing ounces are used up in the paper carry and derivatives trades (I suspect mostly long treasuries, long USD, short gold, a lethal one in the last week). The gold itself may not have really gone anywhere except that it becomes somebody's liability (JP Morgan, Goldman Sachs, Deutsche Bank) and potentially can't be paid back to the CB when one of those institutions blows up, or even if they get credit downgrades (the myth of the AAA credit). Yes... but who are the other party... the buyers.

To: russwinter who wrote (2266)	9/21/2001 6:43:35 AM
From: goldsheet	Read Replies (2) \| Respond to of 4051

WMC Resources Ltd has reached agreement for the sale of its Agnew and St. Ives Gold operations to the South African Gold Fields group for US$232 million (A$470 million) plus a royalty. wmc.com I figure they got about 4moz proven and probable ($US60/ounce) and it will add 600koz to Gold Fields annual production, taking them up near 4.2moz This will move them back into 3rd place worldwide just ahead of Barrick (T12=3.9moz) and just behind Newmont (T12=5.3moz) Barrick will move into 2nd place after the Homestake merger (combined T12=6.3moz) Meanwhile, AU might get up into the 9.5moz area when/if they acquire Normandy. Consolidation is slowly moving forward, and the top 5 firms might produce 28.9moz out of 83.6moz, about 1/3. Top 10 firms should then account almost 50% of worldwide production. Who's next ? Goldfields Limited and Delta Gold are merging to create a 1moz annual producer, but will Harmony take both of them out to create a 3moz+ firm ? Sons of Gwalia is buying Pacmin and Centaur assets and should be get them close to the 1moz level. Newcrest, Kinross, and Echo Bay are all looking like history to me ;)