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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (855)	9/6/1998 9:29:00 AM
From: ForYourEyesOnly	Read Replies (1) \| Respond to of 81821

ASL Hedging: Who know how to calculate the value of the following ASL hedges if they were "cashed in" today? Quick & dirty calc would be fine! "The Group has commitments for future sales of gold bullion arising from its hedging which mature as follows: As at 31 March 1998 1998 1999 2000 2001 Forward contracts: (i) Spot deferred contracts: Amount hedged (000's ounces) 89 620 673 547 Average price (US$/ounce) 407 380 390 392 (ii) Fixed forward contracts: Amount hedged (000's ounces) 164 219 173 188 Average price (US$/ounce) 382 396 398 405 Put options purchased: Amount hedged (000's ounces) 373 394 300 300 Average price (US$/ounce) 366 358 358 383 Sub total (000's ounces) 626 1,233 1,146 1,035 Average price 376 376 383 392 Call options written: Amount hedged (000's ounces) 70 50 164 119 Average price (US$/ounce) 464 440 427 367 As at 31 March 1998 (cont.) 2002 2003 2004 2005 Forward contracts: (i) Spot deferred contracts: Amount hedged (000's ounces) 628 389 284 308 Average price (US$/ounce) 401 391 405 400 (ii) Fixed forward contracts: Amount hedged (000's ounces) 45 65 25 - Average price (US$/ounce) 376 376 376 - Put options purchased: Amount hedged (000's ounces) 240 160 160 100 Average price (US$/ounce) 352 431 434 435 Sub total (000's ounces) 913 614 469 408 Average price 387 400 414 408 Call options written: Amount hedged (000's ounces) 211 415 569 435 Average price (US$/ounce) 426 429 443 438 As at 31 March 1998 (cont.): 2006 2007 2008 Total Forward contracts: (i) Spot deferred contracts: Amount hedged (000's ounces) 221 326 19 4,103 Average price (US$/ounce) 409 417 383 396 (ii) Fixed forward contracts: Amount hedged (000's ounces) - - - 880 Average price (US$/ounce) - - - 393 Put options purchased: Amount hedged (000's ounces) 100 100 - 2,227 Average price (US$/ounce) 440 445 - 384 Sub total (000's ounces) 321 426 19 7,210 Average price 419 423 383 391 Call options written: Amount hedged (000's ounces) 421 392 245 3,089 Average price (US$/ounce) 426 428 379 427 "

To: sea_urchin who wrote (855)	9/6/1998 5:29:00 PM
From: Tom Byron	Read Replies (1) \| Respond to of 81821

Searle: I do live on the PLAINES of Santa Rosa, that's the only plane I can speak of....re: "red and blue" mostly intereted in the S&P right now. The XAU weekly slow stochastics has crossed and has begun its 19 weeks journey. But I afraid it's just another "impulse" move on the gold stocks long journey into darkness. (i.e.- the doom and gloomers have more doom and gloom to look forward to). Probable have a two weeks (maybe three) impulse move up with a gradually slight down move for several weeks. About the 9 week will have another pop up but will not exceed this current impulse move up. That will end the 19 weeks up part of this new 38 weeks cycle. Then the final down move into June, 1999....currently, although TIME wise, the next 38 weeks cycle should not begin until lst week of Oct (give or take a week), PRICE wise it sure looks has though we have begun our next cycle..if one goes back to Bigcharts XAU weekly with a Slow Stochastics and does a weekly count from the Slow Stochastics LOW of early Dec, 1997