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

To: nickel61 who wrote (2401)	4/14/2002 8:13:05 PM
From: Tommy Moore	Read Replies (1) \| Respond to of 3558

Reuters Business Barrick to sell half gold output this yr at US$365 (adds background, quotes) MELBOURNE, April 15 (Reuters) - Barrick Gold Corp (Toronto:ABX.TO - news) said on Monday it will sell half its gold output this year at a minimum price of US$365 dollars an ounce, with the balance to be sold on the spot market. ADVERTISEMENT ``That extra gold exposure to gold prices means that for every 25 dollar increase in the gold price we will see earnings and cashflow increase by 70 million this year alone,'' Randall Oliphant, chief executive office of Barrick said in a speech to be delivered later on Monday in Melbourne. For 2002 Oliphant said Barrick will mine about 5.7 million ounces at an average cash cost of US$167 dollars an ounce. Oliphant said gold miners worldwide needed to increase marketing efforts to support any long term increase in the bullion price. ``Our industry can no longer ignore the role of modern marketing in driving consumer demand than it can act in isolation from the forces of consolidation,'' Oliphant said. Over the last year or two some of the world's largest mining companies have merged in a bid to increase their mine reserves of gold. In February, U.S.-based Newmont Mining Corp (NYSE:NEM - news) compleated a A$4.2 billion dollar ($2.24 billion) takeover of Normandy mining which was Australia's largest gold miner. Barrick last year merged with Homestake Mining to become one of the world's largest gold mining companies with a market capitalisation of around US$10 billion. About 55 percent of its production comes from mines in the United States and Canada. Barrick, like some other gold miners, sells a portion of its output at pre-fixed prices, a practice know as gold hedging. The bullion price, which averaged around US$273 an ounce last year was last bid at US$300.80 an ounce, underpinned by the latest tension in the middle east and the higher oil price. Barrick shares closed at 28.18 Canadian dollars on Friday.

To: nickel61 who wrote (2401)	4/15/2002 1:57:02 AM
From: russet	Respond to of 3558

Keep in mind,...the horse and buggy were primarily a means to get around town quicker than walking, and transport supplies. The car is a modern conveyance to do the same thing, but is also a jump up the socio-economic ladder which was a point in my last post. Clothes and other things were discussed but these too are subject to chaning socio-economic trends in North America which makes the discussing fuzzy if we don't recognize these trends. We average folk in North America have climbed a long way up the socio-economic ladder and live far better than average folks of 100 years ago,...sometimes we should keep that in mind before comparing ourselves to other countries which have not necessarily jumped up the ladder as high. US dollar and this fiat stuff,... I think you have a dollar hang up. The value of the dollar over long periods of time is irrelevant because the main measurement we should look at is what we get for an hour of our work versus what we can buy. I think this ratio has increased greatly for us in North America,...wouldn't you agree. The dollar is a short term conversion of our work to a portable store of purchasing power. We care little of its value for the long term if we quickly convert our work to dollars and then to goods and services. Even if we store our work credits in a fiat currency, the interest we receive for our fiat deposits over the last several decades has at least equaled the loss of purchasing power from inflation, or in many decades greatly bested it,...so what's the problem? This is no worse than gold, and perhaps a lot better,...another interesting fact. I consider gold as much of a fiat currency as any piece of paper with squiggles on it. Subject only to supply and demand.