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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: a.handbag. who wrote (4251)	9/18/2002 11:36:09 PM
From: bill	Read Replies (1) \| Respond to of 11633

Sorry, should have made myself clear. When I said it was a dreadful day, I was talking about the DOW and the TSE, not the trusts. My trusts came out fine. Some were down a small amount but others were up or even. The overall mkt is a concern. The selling is becoming more broad based. I've hedged by buying some gold stocks but I'm not sure that that will work if the sell-off continues because of the economy rather than because of concerns about Iraq,etc. It is quite possible for stocks and gold to go down simultaneously. Many of the trusts, so far, have been immune to the downdraft. However, not all. Check the chart of PGF.UN or INZ.UN. Some trusts are cutting dividends. I'm responding by trying to limit myself to trusts with a proven track record. My concern is not cyclical movement. At the moment, I think the best place to be is in the trusts. But I don't think it is a time to be complacent.

To: a.handbag. who wrote (4251)	9/19/2002 12:57:19 AM
From: Cogito Ergo Sum	Read Replies (2) \| Respond to of 11633

Hi a h, re: Portfolios Gold trusts and cash. Good day for me :o) re: PWI I guess it depends on their hedging program (assuming debt is under control). I really don't know what the 3 ways are all about so I guess I'll call IR tomorrow. On the face of it they don't seem to as well hedged as AVN but I really won't know until I understand the hedging tomorrow. sedar.com Do a Search for HEDGING PROGRAM HEDGING PROGRAM Approximate percentage of future anticipated production volumes hedged through June 30, 2002; net of anticipated royalties, reflecting full production declines with no offsetting additions: Q3/Q4 2002 2003 Crude Oil 70% 34% Natural Gas 70% 51% The mark-to-market valuation of these hedges was a $4.1 million gain at June 30, 2002. A summary of contracts in place as at June 30, 2002 is as follows: CRUDE OIL Period Volume (bbl/d) Type WTI Price (U.S.$/bbl) May – June 2002 2,000 Swap 26.23 July – September 2002 2,000 Swap 25.22 October – December 2002 2,000 Swap 24.45 January – December 2002 1,000 Costless Collar 20.00/25.15 July – December 2002 1,000 Costless Collar 20.50/24.95 July – September 2002 350 Costless Collar 22.00/29.25 October – December 2002 350 Costless Collar 22.00/28.15 January – December 2003 1,000 3 Way 17.00 / 20.50 / 25.50 January – March 2003 1,000 Costless Collar 21.00/27.70 January – June 2003 1,000 3 Way 18.50 / 22.50 / 27.70 July – December 2003 1,000 3 Way 18.50 / 22.50 / 27.20 NATURAL GAS Period Volume (MMcf/d) Type AECO Price (Cdn$/Mcf) May – October 2002 4.7 Fixed Price 6.50 May – October 2002 18.9 Swap 5.28 May – October 2002 18.9 Swap 5.28 May – October 2002 9.5 Swap 4.39 November 2002 – March 2003 4.7 Costless Collar 4.22 by 5.96 November 2002 – March 2003 4.7 3 Way 3.17 / 4.48 / 6.59 November 2002 – March 2003 4.7 3 Way 3.17 / 3.96 / 5.46 November 2002 – March 2003 4.7 3 Way 4.22 / 5.28 / 7.04 November 2002 – March 2003 4.7 Swap 5.43 April – October 2003 4.7 Fixed Price 4.75 April – October 2003 4.7 Swap 5.05 April – October 2003 4.7 3 Way 3.17 / 4.48 / 6.26 April – October 2003 4.7 3 Way 3.17 / 3.96 / 5.39 April – October 2003 4.7 3 Way 3.69 / 4.75 / 6.65 November 2002 – October 2004 9.5 3 Way 3.17 / 4.22 / 6.09 January 2002 – October 2003 4.7 Swap 3.98 January 2002 – October 2003 4.7 Swap 4.17 regards Kastel