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To: patron_anejo_por_favor who wrote (269216)	12/1/2003 7:26:17 PM
From: mishedlo	Respond to of 436258

And not all of them sell forward (in fact fewer and fewer of them do). Who said anything about selling forward? They are selling current production via futures IMO. They will be short at 400 420 450 480 550 1000 2000 and 8000 if we get there and no they wont be losing their ass either. They will happily sell all they have at prices above production cost. Selling next YEARS supply is what got Barrick in hot water and perhaps they get punished. Selling April futures on what just came out of the ground is NOT selling forward. M