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To: long-gone who wrote (12679)	12/13/2001 5:43:40 PM
From: sea_urchin	Read Replies (1) \| Respond to of 81507

long-gone, re relative performance of various gold stocks. Tom did mention hedging but when one compares the performance of AU with other SA non-hedgers, such as Harmony and Goldfields, hedging does not seem to be an identifiable factor. Harmony, a non-hedger, performed best over 5 years and Goldfields, also a non-hedger, performed worst. finance.yahoo.com On a two year chart, Goldfields and Harmony are the best and AU is the worst. finance.yahoo.com On a one year view, Goldfields and Harmony are best and NEM is worst. All are non-hedgers. finance.yahoo.com Anyway, I'm sure that stock performance has little to do with earnings performance (in the short-run) and far more to do with speculation, manipulation (for take-overs etc) and market hype. Since there's not a hell of a lot to choose between the stock performance of any of them I prefer AU because its dividend yield is the highest.