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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (90014)	9/26/2002 7:50:14 AM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116764

Thx 4 comeback, RH. RE: Thompson scheme...still won't help PoG. CEF hasn't helped PoG nor PoSilver either. Think about it. It's just another paper vehicle. Can't march up to the door of CEF, hand 'em that share cert of the fund and go home with a trunk full o' gold or silver bars. Besides, it isn't new production that will go into the "audited and vaulted hoards"...it's just an existing bar shuffle. Nope, the only thing that will help the PoG is physical offtake of ever increasing annual mine production. Scrambling for already above ground good delivery bars is a ZERO SUM game the way I see it. Scrambling for ignored, above ground, discarded gold...now THERE's a growth biz. Discarded gold peaked at 18million oz here recently acc'd to GFMS...now a slightly lessor number being recycled now...and they are only dealing with the easy scrap...the floor sweeps/bench sweeps/and foundry splatters, etc. They leave the rrrrrrrrest of it for folks like me. YeeeeeeeeeeeeeeHAWWWWWW! ABX isn't screwy or doing anything untoward...they warned us about their plans for unwinding hedges AND SOON TO BE ANNOUNCED REPLACED HEDGES AT HIGHER PRICES...back when they wrote those deriv contracts. It's nothing new, Richard, and nothing smells funny either...at least the funny odor hasn't reached up here into the great Northwest. Ready for winter? Being doing the tree felling/lumber hauling/wood splitting/wood stacking thang...a little earlier this year than usual...but going back for another load on Sat. You got your wood in yet? g_t g_t

To: long-gone who wrote (90014)	9/26/2002 11:44:56 AM
From: goldsheet	Respond to of 116764

> Bob Johnson was nice enough to inform us that most other mining firms had increases in Reserves, Production, & Higher Grades & Recovery Rates BUT for ABX the Inverse is true. The above statement is WRONG. Barrick production, grades, recovery rate are indeed slightly down, but their reserves are UP. They have done the BEST job of all the majors at replacing reserves. They ended 2001 with 82moz vs. 79moz in 2000, after mining 6moz, meaning they replaced 9moz = 150% of production. These increases are new ounces at new lower cost mines. They added another 4moz earlier this year. Harmony and Gold Fields did a better job of adding reserves, but this mainly consisted of the accounting process of moving resources into reserves as a result of stating reserves at higher gold prices, not finding more gold. Anglogold, Newmont, and Placer all had significant drops in reserves. The key point is Newmont and Barrick are both having problems in Nevada and are looking to the future. Newmont bought Normandy, while Barrick bought Homestake, Pangea, Sutton, and has something like 46 joint ventures. Barrick has announced a long-term $2B investment in the future of mining and development of new properties. Let's see how it works out in the long-term.