Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (51778)	5/20/2002 2:12:08 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 65232

underestimate Barrick management? are you kidding? surely you jest Barrick is the most arrogant and stupid of all miners they have hedged 4.5 years into the future 20% of their hedges are naked shorted option calls on gold futures any acquisition at this point would have to be hostile this firm is so stupid, they continue to boast of Premium Sales Program on their website when excessive hedging will most likely bring about their bankruptcy their hedges will act like hydrochloric acid on their books they began to pursue AngloGold last quarter I believe they have been betrayed by the US Federal Reserve I believe the FedRes promised them supply but is now reneging so Barrick has gone out to find supply, and is failing failing in a very public way to get a better idea of the hedging size... a smaller AngloGold last quarter covered a portion of their forward hedging they covered an amount of gold production equal to Japanese purchases for the entire year 2001 think about that these guys have a massive job ahead to remove deadly hedges the size of miner forward hedging is disastrous, staggering, and destruction to not only the price of gold but the mining supply dynamics no no no hedging will destroy at least one excessively hedged miner and Barrick is tops on the list Placer Dome is a close second / jim