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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (2325)	4/3/2002 9:03:29 AM
From: nickel61	Respond to of 3558

The change has arrived my friend. The only question is whether or not American Barrick can unwind it's hedge position while everyone else in the industry is trying to do the same thing. I don't think you will see them havign much luck. The Japanese, Muslims and awakening American investment demand is going to make it a little difficult to come up with 18 million ounces. Like was said on here a few days ago. The ounces already sold have given up their upside and the market has seen through that.

To: Enigma who wrote (2325)	4/3/2002 9:05:20 AM
From: nickel61	Read Replies (1) \| Respond to of 3558

tyke Monday, Apr 1, 2002 5:49 PM View Replies (1) \| Respond to of 2326 >>>Does the market in fact price hedgers lower that non hedgers? That was the question you asked... and I believe it is very close to the essential question. What MY criteria of value is, or yours for that matter, is immaterial. The essential question is, "What is the market's criteria of value ?" The CIBC study demonstrates an evaluation system whose results approximate MARKET PRICES..... The option value of future unhedged production is real, and of course the market will recognise it. There is no option value in hedged production.... hedged production adds to Net Asset value, but contributes nothing beyond that. If I haven't made my meaning clear, please read the CIBC study