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Gold/Mining/Energy : Gold's Six Month Base Near Completion -- Ignore unavailable to you. Want to Upgrade?

To: Bill Murphy who wrote (41)	6/1/1998 12:45:00 PM
From: Pete Mimmack	Read Replies (1) \| Respond to of 94

Yo, Bill ! What's your take on these Russian sales? If they are going to sell large quantities, it seems that that could more than offset the good news of the large Dutch sales ending. Pete

To: Bill Murphy who wrote (41)	6/1/1998 9:45:00 PM
From: KAZHAK	Read Replies (1) \| Respond to of 94

1,980 NEM june 25 calls were purchased today for $1 with the stock between 24.25 and 23.875. I assume that is was the same customer. Implied volatility in NEM is the highest I have ever seen, while the stock now sits on its multi-year low. I suppose that it is possible that this customer in NEM and ABX may be selling stock while buying the calls, but this is hard to ascertain. Nonetheless the implied volatility is still forecasting movement one way or the other. I am also interested in the effect of the Russian sales, have you heard anything? Would they really sell their entire reserves or is the market overreacting?