Market WrapUp (Thur 2/13/03

#14 Of course, some have gone overboard with the hedging (e.g. Barrick, Placer Dome) and in reality have gone beyond the legitimate business reasons for hedging into the realm of speculation, which will be their undoing IMO. There was a very well done editorial written recently on the business of running a mine and how hedging can be used appropriately. I looked around a bit, but I couldn't find it.

#15 My understanding of the COT report is that it deals with futures contracts, not puts/calls. I don't trade futures so this is second hand, but I've read that it is common for traders to rollover their positions and that very few take delivery (<10% if I remember correctly).

Sinclair has written some interesting pieces on the PM futures markets recently. Check out www.jsmineset.com.

I think the commercial long position is wrong.

I'm glad that someone here knows what they are talking about.

Richard W.

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