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

To: Alex who wrote (2942)	11/7/1997 12:11:00 PM
From: Mark Bartlett	Respond to of 116830

Alex, <<Unemployment rate in October sets new 24-year low >> Thanks .. interesting article .... another possibly inflationary indicator. MB

To: Alex who wrote (2942)	11/7/1997 1:04:00 PM
From: Bucky Katt	Respond to of 116830

You don't see the following to often>>Canadian mining junior Madsen Gold Corp said it took advantage of the recent decline in the gold price and unwound a portion of the hedge program it implemented in March 1996. The company realized a C$4,050,000 gain that has been applied toward the C$6 million gold loan facility with Standard Bank London Ltd, said Madsen president Jim Morlock in a statement Friday. The loan now stands at equivalent of C$1,950,000 and an agreement has been reached to amend the loan repayment schedule with the bank. Madsen retained a sufficient portion and implemented a new hedging program which will ensure that 1998 production of just over 40,000 ounces will be sold at an average price between US$335 and US$345 an ounce. In addition, Madsen repositioned itself to protect against more declines in the gold price. It will continue to be active with its hedging program although it will take a long term approach to further take advantage of large movements in the gold price. Now, the question is, will more miners take advantage of their hedges and start trading them? Does this signal a possible bottom?