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To: John Pitera who wrote (125464)	9/25/2001 1:16:51 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

John, also, the collapse in the AUD concurrently with strong gold prices puts the hedge books of Ozzie gold producers that were already under water BEFORE these recent moves under more and more pressure. i can imagine that many of them now wish they had never heard of hedging...the mark-to-market losses are really piling up. as far as i can tell we're looking at about 2000 tons sold forward at prices between AUD 430 - 480, with actual spot prices already having climbed to about $600. in the past, such a run in the Oz peso gold price would have provoked even more forward selling, but with many having sold forward MORE than they actually have in proven reserves (the lure of the 'free lunch' at work), it's now time to eat crow for past indulgence...a nice little gold bull market would bring much well-deserved pain.