If you bought a gold fund back there you may have done even better. The task now is to continue the ride.
Posted on 12/07/2009 4:50:25 PM PST by FromLori
Just last week, major gold miner Barrick Gold (ABX) announced that it had fully eliminated its hedge book, and so from here on out, its earnings would be fully exposed to the price of the metal. When it was announced, the stock popped, since everyone's bullish on gold. But on Friday the gold market tanked on huge volume, sending Barick shares down nearly 9%.
So was de-hedging the right move?
As it happens, on December 1, the company presented at the Scotia Capital Precious Metals Conference, during which they explained some of their rationale. Let's hope they got their timing right.
Now, see the presentation >>
(Excerpt) Read more at businessinsider.com ...
ping and related
http://www.lasvegassun.com/news/2009/dec/04/barrick-gold-to-work-on-mine-despite-court-ruling/
Also beware the diamond hype
because
If you bought a gold fund back there you may have done even better. The task now is to continue the ride.
Some must think it is going to continue
Money Pours Into Tiny Speculative Miners As “Peak Gold” Looms
http://www.businessinsider.com/money-pours-into-tiny-speculative-miners-as-peak-gold-looms-2009-12
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