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.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: tyc:> who wrote (62739)	1/5/2009 3:22:13 PM
From: hank2010	Read Replies (1) \| Respond to of 78426

"Profitable producers of metals (MINES), now or future, do not speculate on the future price of their products" I was not personally present for the presentations re forward sales of gold, at the PDAC in the 80's but the story is famous. Moe Taschereau, president of Placer Dome was first and opened with "At Placer Dome we are miners, not speculators, we do not sell gold forward!" Peter (??) president of Lac Minerals was next. He opened with "At Lac Minerals, we are miners, not speculators, so we sell gold forward so that we do not have to speculate on its selling price"

To: tyc:> who wrote (62739)	1/5/2009 4:47:38 PM
From: marcos	Read Replies (2) \| Respond to of 78426

Speculation that there will be in the future a market for metals is inherent in mining ... you can't leave your door in the morning without speculating it's safe enough you won't get hit by a bus ... try to get away from speculation in this life, you absolutely can't 'Sticking to one's knitting' is a better way to put it maybe, some miners feel they're not traders and it's unwise to attempt trading ... others are forced to trade metal ahead by their bankers, that can have good or disastrous effect, just depends, but it's speculation either way, whether they hedge or not Claude says 80-cent copper on the other thread ... well i dunno about that, it's a possibility yes, not a likelihood though imho ... might depend on the chinese, who appear to be in trouble at the moment, they're at a stage of development that uses a lot of base metals, so if they can turn around fast we could see outlook improve by mid-year