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

To: nickel61 who wrote (2540)	5/8/2002 7:27:57 AM
From: nickel61	Read Replies (2) \| Respond to of 3558

JP Morgan/Chase is rumoured to be having serious problems with their gold derivative trading. They have fired the head of the operation and are having problems serious enough to bring the survival of the entire bank into question. Morgan/Chase is the banker to Barrick as we all know and likly the source of much of the "advice" that they have given Barrick on how to structure their hedge book. While the facts are still scetchy caution is warranted at this time. I will post more as I see it cross my screen. The main point that Russet and I differ on is whether or not Barrick can really sit there in 2004 with 15 million of their 18 million ounces already sold forward and somehow get the shareholders to believe that the management shouldn't be replaces. I doubt it, no matter how eloquently Russett argues it, it aint going to happen. The market will kill them, which is why I do think that the rumours comming out of South Africa about an unfriendly takeover of GoldFields or AngloGold is possible.