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To: Tommaso who wrote (95111)	1/15/2002 9:44:39 PM
From: kodiak_bull	Read Replies (1) \| Respond to of 95453

T-- True, true. I believe you have owned gold for a while. Which NEM leaps do you own? Kb

To: Tommaso who wrote (95111)	1/15/2002 10:08:10 PM
From: que seria	Respond to of 95453

I'm with you on the options, Tommaso, although only a mid- '02 expiration. Buying a major such as Newmont is a play on the gold price, not also (as with most juniors) on discovery. Buying a gold price future in the form of a stock is in turn a play on the risk of fear and a sudden turn for the worse in national economic fortune. For Kodiak it may be a chart play only, but if I didn't like gold's LT fundamentals I'm sure I could find better charts. So if you're going to buying something that will only shine in the face of disaster, and disaster is unlikely but its potential magnitude great, leverage makes sense (at least, at an insurance or speculative level of buying). Even so, given gold's miserable record of holding gains, I'll be selling covered deep-ITM calls to lock in gains if my Goldcorp and Agnico-Eagle run up. Maybe by then ROYL will be in buying range!