-Caveat Lector-
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screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
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That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
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Let us please be civil and as always, Caveat Lector.
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--- Begin Message ---
-Caveat Lector-
9:13a ET Tuesday, September 17, 2002
Dear Friend of GATA and Gold:
Here's news we had been disappointed not to
see earlier: Newmont Mining plans to close
its Normandy hedge position by February. And
how interesting that Newmont should announce
this just as an easing of war fears should
knock the gold price down overnight. Could
this timing be a counterblow by Newmont in
support of gold against its enemies? We'd
sure like to hope so, since Newmont's full
mobilization in support of the gold cause
would have great impact.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Newmont Mining to end hedging by February
LONDON, Sept 17 (Reuters) -- Australian gold
producer Normandy, owned by world number one
gold miner Newmont Mining Corp., on Tuesday
said Newmont would eliminate its hedge book
by February next year.
"Newmont has completed a restructure of its
hedge book, reducing total hedging by 1.1
million ounces since 31 December 2001, and
has implemented a new hedging policy that
will result in elimination of the company's
remaining hedge book of 300,000 ounces by
February 2003," the firm said in a statement
released in Australia.
The news was supportive for gold prices as
hedging -- or the forward selling of gold by
producers to lock in profits -- is seen by
many analysts as a cap on prices as selling
forward increases supplies into the market.
"The amendment to the hedging policy was
considered appropriate in light of the
company's improved balance sheet and the
improved outlook for the gold price. It is
unlikely that additional hedging will be
undertaken in the near future," Normandy said
in the statement.
Normandy said the reduction in the hedge book
since 31 December 2001 had been achieved by
the selective buyback of 700,000 ounces on a
cash neutral basis and delivery of all sales
into existing contracts (400,000 ounces).
This had left 600,000 ounces hedged at 31
August, which included 300,000 ounces ounces
of hedging inherited in the acquisition of
Otter Gold Mines Limited, Normandy said.
The remaining 300,000 ounces of Newmont hedge
contracts will be delivered into over the
next six months.
The remaining 300,000 ounces in the Otter
Gold Mines hedge book would be reduced as
opportunities arise, Normandy said.
Newmont had already committed itself to
accelerate the unravelling of millions of
ounces of gold pre-sold at fixed prices.
The mining house had already extinguished
some two million ounces of a total 10 million
ounces inherited with the takeover of
Normandy in February this year.
Newmont, which forecast gold production of
over seven million ounces this year, is among
a growing legion of big miners with an
aversion to hedging -- the practice of
selling yet-unmined nuggets at fixed prices.
Newmont has criticised hedging as hurting the
gold price by erecting a false ceiling on
upward price movements.
However, some firms defend hedging as a way
to protect margins when bullion prices fall.
----------------------------------------------------
RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.theminingweb.com/
http://www.gold-eagle.com/
http://www.kitco.com/
http://www.usagold.com/
http://www.GoldSeek.com/
http://www.goldenbar.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.sharelynx.net
http://www.mininglife.com/
http://www.financialsense.com
http://www.goldensextant.com
Subscription site:
http://www.lemetropolecafe.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
[EMAIL PROTECTED]
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
[EMAIL PROTECTED]
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
[EMAIL PROTECTED]
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
[EMAIL PROTECTED]
Miles Frankl Ltd.
3601 Park Center Building
Suite 120
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
[EMAIL PROTECTED]
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.buycoin.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
[EMAIL PROTECTED]
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html
By GoldMoney:
http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
By E-Gold:
http://www.e-gold.com
Gold Anti-Trust Action Committee Inc.
Account number 110915
Donors of $750 or more will, upon request, be sent a
print of Alain Despert's colorful painting symbolizing our
cause, titled "GATA."
GATA is a civil rights and educational organization
under the U.S. Internal Revenue Code and contributions
to it are tax-deductible in the United States.
-END-
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
Archives Available at:
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<A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of
[EMAIL PROTECTED]</A>
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--- End Message ---
