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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (234)	12/11/1997 11:39:00 PM
From: D LEE	Read Replies (1) \| Respond to of 3558

On Thursday, December 11, 1997, Barrick Gold- announced a plan to purchase ten percent of its outstanding common stock in the open market. According to CEO Peter Munk: "The shares are trading in a price range that does not reflect the value of the company's mining and financial assets and future business prospects. We have the financial strength to undertake this program." Good for you Tommaso, waiting a few hours pays off! <g> True, they're under siege along with the other golds, but the best equipped to defend themselves against lackluster opinions fabricated in the minds of most investors since October. As they remove 10% of the outstanding shares from the market, the remaining 90% will take on value in a proportion they have judged as worth while. (supply and demand). And you can't go too wrong, with a company so intent on cost cutting and simplification, when one of their best moves is to repurchase themselves at a premium discount. They have done a superior job "building their bridges" and are now reducing the load they have to carry across. Other golds are swimming and the water is becoming deep. The advising brokers can't help but notice the difference. Nervous investors will be told about Barrick. Good long term proposition? Yes. dave