A campaign to restore sound money in New Hampshire

Section:

8:26p ET Friday, February 13, 2004

Dear Friend of GATA and Gold:

MineWeb's Tim Wood has an interesting account of
Barrick Gold's comments today about reductions in
its huge gold hedge book. Here's an especially
interesting excerpt:

"The reductions have been insufficient to stave off
ballooning unrealized losses on the hedge book,
though. It stood at a whopping mark-to-market loss
of $1.725 billion, a 42 percent deterioration from the
third quarter's negative $1.2 billion and 170 percent
worse than for the end of 2002, when the book
recorded negative $639 million. The hedge book
would consume almost twice Barrick's end-of-year
cash holdings."

You can find the MineWeb story here:

http://trinity.mips1.net/MGGold.nsf/UNID/TWOD-5W5NVX?OpenDocument

Or try this abbreviated link:

http://shmyl.com/poz

Then there is the Reuters story below reporting a
substantial decline in gold hedging by producers
generally. So where is gold selling like today's
coming from?

On a day when the news was explosively bad for
the dollar and good for gold, surreptitious and
desperate intervention by official sources has to
be suspected. But don't be too upset, for the
market riggers are becoming so blatant and
obvious that the rigging is losing its utility.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Gold hedges fall 2.2 million ounces
in fourth quarter, GFMS says

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4351216

SYDNEY, Feb. 13 (Reuters) -- Gold hedges declined by
about 2.2 million ounces worldwide in the fourth quarter,
metals consultancy Gold Fields Minerals Services Ltd
said on Friday.

A global gold hedge book analysis produced by
consultants GFMS on behalf of Investec, the international
specialist banking group, says hedges at the end of 2003
stood at just over 69 million ounces .

The position represented a decline of roughly 2.2 million
ounces from the three months ended September 30 and
a 10 million ounce drop from the year-earlier month, GFMS
said.

The findings suggest that the bulk of the fall in the fourth
quarter was a result of a decline in forward contracts, it
said.

Forward sales hedging involves selling yet-to-be-mined
nuggets at a preset price. The tactics protect miners when
prices fall, but can limit revenue or force holders to buy
high and sell low when gold goes up.

Spot gold was fetching around $412 an ounce in Asian
markets on Friday. In January, the metal reached a
15-year peak of $430.50 an ounce.

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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com

http://www.cbs.marketwatch.com

http://www.mineweb.com/

http://www.gold-eagle.com/

http://www.kitco.com/

http://www.usagold.com/

http://www.GoldSeek.com/

http://www.capitalupdates.com/

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.com/

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

http://www.minersmanual.com/minernews.html

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

Subscription site:

http://www.lemetropolecafe.com/

http://www.hsletter.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
cpm@usagold.com

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net

Investment Rarities Inc.
7850 Metro Parkwa
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com

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
leecoins@aol.com

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://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
Metalguys@aol.com

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
FiGoldstein@swissamerica.com

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