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To: Horgad who wrote (216426)	1/24/2003 12:53:59 PM
From: Perspective	Read Replies (1) \| Respond to of 436258

I thought this approach would eliminate the currency issues, but it doesn't. If gold rises US$50, you are getting that benefit no matter where it is mined. Whatever currency translation might dampen that in Rand also reflates it when the revenues are converted to dollar equivalents. However, the costs are fixed in the local currency. So, the POG must rise in terms of the currency of the corporate cost side of the ledger. Yuck. Gold rally doesn't look so stupendous any more. BC