GOLDCORP (GG) - 500 Beiträge pro Seite

[peter.wedemeier1]

extract from financial sense.

http://www.financialsense.com/Market/daily/wednesday.htm

Meanwhile, the bull market in gold and silver is just in its beginning stages. The media reluctantly reports the price of gold. Yet, for the moment it is still looked upon as an anomaly. Wall Street is constantly encouraging investors to sell out of their gold stocks as the smart money quietly accumulates gold and silver bullion, and gold and silver equities. I have watched each day the money flows of particular gold and silver stocks. You can see the dumb money flow out of equities after one firm or another downgrades the sector. On days of heavy selling, money flow turns positive at the end of the day as smart investors pick up lower priced shares. In one way this is just another example of Wall Street picking investors? wallets. They convince them to sell off their gold stocks that are rising and buy tech, biotech or some other group of stocks that are falling. What is taking place is a wealth transfer of money from weak hands into stronger hands. Strong hands hold the mining shares we own. The float available to the general public is very small. On days we see day traders or fund managers dump their shares, we use it as an opportunity to buy. We aren?t alone judging by the money flow changes we see take place during the day.

[Khampan]

Threads des Users

GOLDCORP (GG) 1 peter.wedemeier1 20.06.02 10:11:50
Durban Roodeport Deep Adr (DROOY) 5 peter.wedemeier1 20.06.02 09:49:04
PLACER DOME (PDG) 8 peter.wedemeier1 20.06.02 09:34:32
Gold will continue to outperform stock markets. (für die nächsten 18-20 Jahre!) 1 peter.wedemeier1 20.06.02 08:59:22
Coeur DÀlene Mines (CDE) 2 peter.wedemeier1 20.06.02 08:37:55
Agnico-Eagle Mines (AEM) 5 peter.wedemeier1 19.06.02 21:50:16
Meridian Gold (NYSE: MDG) 2 peter.wedemeier1 19.06.02 21:48:23
PAN Amer Silver (NASDAQ: PAAS) 6 peter.wedemeier1 19.06.02 21:46:01
Gold Fields Ltd. Sp Adr (GFI) 3 peter.wedemeier1 19.06.02 20:24:45
Comp De Minas Buenaventura Ads (NYSE: BVN) 2 peter.wedemeier1 19.06.02 18:48:30
HECLA MINING (HL) 11 peter.wedemeier1 19.06.02 13:55:01
Genesis Microchip - semi-con Aktie 104 peter.wedemeier1 19.06.02 11:49:08
ORACLE 148 peter.wedemeier1 18.06.02 23:24:00
GRACE & CO. , W.R. (DEL.) - Value Play (Long Empfehlung) 11 peter.wedemeier1 18.06.02 08:06:06
Nasdaq - ein kommender bull market 7 peter.wedemeier1 14.06.02 19:36:46
Randgold & Exploration Adr (NASDAQ: RANGY) 3 peter.wedemeier1 14.06.02 17:12:19
Glamis Gold Ltd (NYSE: GLG) 1 peter.wedemeier1 14.06.02 11:56:22
WorldCom - Aufwärtstrend 4 peter.wedemeier1 13.06.02 23:45:43


Die erste Zahl in jeder Zeile ist die Anzahl der Postings. Daran fällt auf, daß die Threads größtenteils ignoriert werden, was nicht nur daran liegt, daß auch die zu den Gold/Silberminen bisher ausschließlich im Dow Jones/Nasdaq Board erschienen sind. Wer ein paar davon liest, weiß warum.

Gruß,
Khampan

[peter.wedemeier1]

Der Platz wo man sein sollte (Precious Metals).
Eine von vielen in der Minenindustrie (Gold/Silber) die einen positiven Chart haben.

peter.wedemeier1

[Guru-Schreck]

Peter hat seine Strategie gewechselt, von der angeblichen "Value-Strategie" zur "Momentumstrategie".
Oder liege ich da falsch ?

[svc]

ich bin dabei peter! der hebel ist zwar nicht so dolle, aber gg werden die amis noch ganz ganz lieb gewinnen! gg werkelt halt zumindest in ihrer nähe - und es ist DIE alternative zu barrick, wenn sie feststellen sollten was dort so alles schlummert.
svc

[peter.wedemeier1]

Laßt uns sehen, ob wir ein Double Top machen, oder ob GG es schafft auszubrechen zu neuen Hochs.

Viel Glück für Longs bei GG!!!

peter.wedemeier1

[peter.wedemeier1]

Goldcorp - Eine andere Goldaktie
Gold hatte ein starkes Rennen in den letzten Monaten und es sieht so aus, als ob es diese für eine sehr lange Zeit fortsetzen kann. Mehrer Goldminen haben einen sich selbst erklärenden Namen so wie Goldcorp.
Goldcorp operiert die Redlake Mine in Ontario und die Wharf Mine in Süddakota. Goldcorps Minen produzieren mehr als 600.000 Unzen Gold pro Jahr und haben Reserven von über 4,3 Millionen Unzen. Gold verkauft in barren zählt für 80% vom Umsatz. Das Unternehmen bekommt ein neues "lease of life" nachdem Authoritäten des Staates Süddakota erweiterte Operationen in Ihrer Wharf Mine genehmigt haben.
Goldcorp stellt auch Sodium Sulfate in Saskatchewan, Kanada im Prozeß her. Sodium Sulfate ist ein industrielles Mineral und wird in der Produktion von Detergenzien, Papier, Glas, Textilien und Deodorizer gebraucht.
Chairman und CEO Robert Mc Ewen gehört 7% von Goldcorp.
GG hat eine gute Statistik:
PE=31,50 gesteiegen über 100% in den letzten 12 Monaten.
Umsatzwachstumsrate=15% in den nächsten 5 Jahren.
EPS=$0.33
Net Profit Margin=$1.7B

peter.wedemeier1

[peter.wedemeier1]

Zeit für Gold den zweiten Wind zu bekommen!
Für Goldcorp war es gestern ein sehr beeindruckender Tag in den USA. Wenn man sich das Band anschaut vom Handelstag kam viel von dem Volumen von kleinen bis mittleren Blocks (eine war 100.000 Aktien bei einem Aufwärtstick) während der Rest von den Gold`s waren Ausverkäufe. Daran erkenne ich, das es dort mehrere seriöse Käufer gab. Nun kann man daneben sitzen wie bei einem Spiel auf die Dividende, aber ich bin mir nicht sicher, ob das die ganze Story ist. Man wird es daran sehen was GG ex-Dividende macht. Am Morgen war Gold schwächer als es sein sollte mit beiden, als der Markt und der Dollar fielen. Gold war auch wiederholt geschlagen, bevor es klar war, das der Markt halten würde. Warum? Weil Sie (JP Morgan, Goldman Sachs etc.) bereits wissen , wie das Auskommen sein wird. Und Sie trieben das Gold auf leichtem Volumen herunter, um von den schwachen Verkäufern das Gold abzukaufen.
Man könnte denken, das das Goldkartell versuchen wird, den Goldpreis unter das letzte Tief zu nehmen. Aber sie wissen, das die Zeit kurz ist, und sie brauchen Zeit um Ihre Hedge Positionen zu eliminienen. Die Zeit ist mit dem schwachen Markt und dem schwachen Dollar kürzer geworden.
Dieses macht dem Goldkartell Schwierigkeiten den Goldpreis unten zu halten.

peter.wedemeier1

[peter.wedemeier1]

Der Tod vom Gold wie Ihn einige im Goldboard heraufbeschwören wollen, wird sehr überschätzt. Ich setze dagegen fort zu glauben, das die Golrallye und seine langfristige Beständigkeit weiterhin intakt ist. Goldpreise sind nahe auf Ihrem Tief und ein Kauf von wirklichem Gold zwischen $315 und 300 ist meiner Meinung nach wie ein Diebstahl anzusehen.
Könnte eine Weile dauern, aber GG wird nach oben steigen. Scheint so, als ob sich ein schönes Dreieck geformt hat. Der Aufwärtstrend ist noch intakt. Eventuell werden wir bal einen Ausbruch nach oben sehen.
Geduld.

peter.wedemeier1

[peter.wedemeier1]

Das könnte heute den Markt (zumindest den Dow Jones) crashen lassen http://biz.yahoo.com/djus/020708/200207080006000005_1.html

[peter.wedemeier1]

Das Spiel heißt im Moment "Untersützung des $".
TA ist praktisch nutzlos für Gold. Wenn Sie erlauben, das der Goldpreis steigt, dann steigen auch die Goldminenaktien. Wenn sie den Goldpreis fallen lassen, dann fallen auch die Goldminenaktien. Die Frage ist: Wieviel länger werden die Banken wählen zu untersützen das sinkende Schiff?" Sie können nur so lange werfen, bevor sie untergehen werden mit dem sinkenden Schiff. Die Fundamentals für Gold sind noch intakt, nur stärker! Ultimativ das letzte Pumpen wird die Gold bulls nur noch stärker machen für das lange Rennen beim Gold. Wir befinden uns am Anfang von einem mehrjährigen bull market beim Gold, unsere besten Tage haben wir noch vor uns. Geduld und eine Menge Cash um zu nehmen den Vorteil von irgendeinen bargains, die Mr. Market uns geben will!

peter.wedemeier1

[mickym [VIP]]

Zur Info:

TORONTO--(BUSINESS WIRE)--July 9, 2002--Rob McEwen, Chairman and CEO of Goldcorp Inc. (NYSE:GG) (TSX:G) is pleased to announce that Goldcorp will be releasing its second quarter results after the market closes on Wednesday, July 24, 2002.

Das heisst die GG-Ergebnisse kommen morgen in 2 Wochen.

Gruss Mic

[peter.wedemeier1]

Fügt zu euren Goldpositionen hinzu!
Gestern haben sie Ihre Interventionen gestoppt um den Dollar zu stützen. Der Dollar und der Dow Jones einschl. der Nasdaq werden jetzt fallen gelassen werden wie ein Fels. Dieses wird das Gold und die Golminenaktien nach oben treiben. Beide, der Dollar und der Aktienmarkt (Dow Jones und Nasdaq) haben noch einen langen Weg nach unten vor sich zu gehen (manche sagen die nächsten 16 - 20 Jahre, gestern habe ich sogar 25 jahre gelesen)! Die ungesetzten finanziellen Konditionen in Südamerika (einschl. Mexiko), Japan und der Rest von Asien wird nur den Druck auf den Dollar und den Aktienmarkt weiter erhöhen.

peter.wedemeier1

[fischli]

Mensch Peter,
was Du alles weisst....
Sogar bis in die Tiefen der strategischen Koepfe des PPT und Bullion Banks hast Du Deine Fuehler ausgestreckt; klasse.
Vielen Dank

fischli

[peter.wedemeier1]

Ich denke GG ist eine großartige Goldminenaktie und ein großartiges Unternehmen. Es sit eine Core Holding bei den Minen. Ich würde mich sehr freuen (aber mich auch nicht wundern), wenn GG auf $100,- steigt. GG steige auf!!!

[peter.wedemeier1]

Merrill Lynch says its gold funds may rise as stocks decline
Bloomberg
July 12 2002 at 12:12AM
Tokyo - Merrill Lynch Investment Managers` top gold fund, ranked number two worldwide, might add to this year`s 85 percent gain as a weaker dollar and falling stocks rekindled demand for the metal and shares in gold producers, it said yesterday.

Merrill`s International Gold & General Fund has this year beaten all but one rival fund that invests in gold producers and has outperformed benchmark indices in Japan, Europe and the US.

South African miners such as Gold Fields and Harmony Gold Mining and Australian rivals such as AurionGold make up more than three-fifths of the $1.2 billion in Merrill`s gold funds.

"We like to hold quite a lot of the South African producers such as Gold Fields and Harmony, because their profits will increase greatly for quite a small increase in the gold price,`` said Richard Davis, who helps manage the funds.

Merrill and some analysts expect the metal to rebound from the 4.8 percent decline since the early June peak, as supply falls and a weaker dollar spurs investors to look for a safe haven.

[peter.wedemeier1]

Wie schnell wir gespült werden hier. GG explodierte meist 20% von dem letzten Tief in gerade mal 3 Tagen, und die Shorts machen eine Party, während die Longs weinen, weil wir davon etwas bei einer kleinen Korrektur wieder zurück geben. Wenn du etwas mehr Aufmerksamkeit zollen würdest, dann hättest du bemerkt, das GG am Donnerstag auf seinem Rallye-Hoch! geschlossen hatte! Gerade als der Dollar wieder einmal stark war und das Gold unten schloß. Die Golds gaben nun etwas von Ihrer rallye wieder zurück, als der Markt (meist die Tech`s) eine sehr schöne Aufwärtsbewegung machten-nichts mehr, nichts gespenstisches für mich, nichts besorgendes für mich.
GG beendete gerade seine Korrektur während das Spot Gold neue Tiefs machte auf einem signifikanten Betrag und vorherige Supports durchbrach, aber GG hat keinen Support gebrochen und machte ein höheres Tief! So weit ist alees gut, aber wir haben den Goldpreis, den Dollar, und den Aktienmarkt zu beobachten. Weil eine grundsätzliche Rallye hier, würde möglicherweiseden Dollar zur Rallye verursachen.
Persönlich ich bezweife sehr, das wir den Boden gesehen haben in dem Aktienmarkt und erwarte das die aktuelle Rallye schneller vorüber sein wird, als manche wahr haben wollen, mit neuen Tiefs als Folge von den Gewinnberichten und niedrigeren Zukunftsaussichten bei den Unternehmen. Dieses wird ganz schnell den bear zurück bringen. Donnerstag Nachmittag als Beispiel genommen, WCOME sagte offiziell, das sie wohl Bankrott gehen werden. Dieser Bankrott wird mehr Probleme in den Kreditmärkten verursachen, als die meisten erwarten. Schlechte Nachrichten, aber gut für das Gold und die Goldminenaktien.

peter.wedemeier1

[peter.wedemeier1]

Behaltet Eure GG`s! Verkauft sie erst, wenn sie über $100,- stehen!

[Hagbard_Celine]

ich will -splitbereinigt- die berühmten dausend sehen und wenns 20 Jahre dauert, ich hab Zeit...
schönen Abend allerseits!

[peter.wedemeier1]

Morgen wird das Quartalsergebnis bekannt gegeben und dieses wird gut ausfallen.

[peter.wedemeier1]

Chris Bradbrook, Goldcorp

"When the leaders in the industry tell you that declining mine production is important, what should you make of it? Perhaps one way to look at this is to look at their past behavior. When the gold price fell from over $400 per ounce in 1996 to record lows in 1999, what did the senior producers do? Well let`s look at the North American gold producers. One of the first things many did was to bet against a rising gold price. They did not believe the gold price was ever going up. Now they do. What is an investor to believe."

"Among the largest North American gold producers, more than half of production is being mined at a grade above the reserve grade. Ironically, that may actually help the gold price go up over time, through declining future production."

"These [gold producer] mergers have simply concentrated shareholder exposure to decreasing gold mine production."

[whitey]

Hallo zusammen,

wann sollen denn die Zahlen heute kommen ?
Bin auch in Goldcorp investiert.

Danke für die Antwort
und viele Grüße von Whitey

[Vetinari]

Noch nicht ...

Goldcorp Inc.: Notice Of Second Quarter Results

TORONTO--(BUSINESS WIRE)--July 9, 2002--Rob McEwen, Chairman and CEO of Goldcorp Inc. (NYSE:GG - News; TSX:G) is pleased to announce that Goldcorp will be releasing its second quarter results after the market closes on Wednesday, July 24, 2002.

[peter.wedemeier1]

Breit scheinendes Gold in einer wirtschaftlichen Zukunft. Ich mag die Minenaktien sehr. Wenn der Goldpreis über die $328,- steigt, dann wird GG über die $11,- steigen! Die Minenaktien tun sich sehr gut halten. Dieses kann dadurch kommen, das es riesiege Ausflüsse bei den Aktienfonds des breiten Marktes gibt. Ich glaube auch, das das der Grund ist, warum der breite Markt weiter fällt und weiter fallen wird. Die riesigen Verluste haben das Vertrauen der Investoren nachhaltig zerstört und es wird Jahre dauern, bis es wieder zurückkehrt. Dieses gibt den Goldfondmanagern eine Menge von Extra Zuflüssen von Cash, so kann sich das stetige Rennen bei den Minenaktien fortsetzen. Ich denke, das der Goldpreis bei dieser Umgebung nachhaltig nach oben steigen wird.

peter.wedemeier1

[peter.wedemeier1]

Deflation
Kurzfristig ist Gold ein hedge gegen Inflation und langfristig ist es ein Hedge gegen Deflation. Und das Gold antwortet jetzt der Deflation, die die USA nun ins Gesicht sehen. Und die Investoren antworten aktuell nun graduell auf den weitgetreute Werteverfall von ihren Holdings. Diejenigen die Japan 1980 überlebt haben (Aktien und Immobilienblase)sind noch nicht wieder zurückgekhrt zu den Aktien, trotz der Null-% Zinsrate von ihrer Regierung und mit keiner Inflation in Sicht. Sie sehen keinen Grund zu Leihen/für Ausgaben/zu kapitalisieren irgendetwas. Die US Investoren zahlen nun den Preis für Ihre Dummheit in den US Aktienmarkt zu investieren. Auch in den USA wird es wahrscheinlich länger als 10 Jahre (wahrscheinlich 15-20 Jahre) andauern, bis die Investoren an den US-Aktienmarkt zurückkehren. Vertrauen, wenns einmal zerstört ist, braucht sehr sehr lange, bis es wieder hergestellt ist. Greenspan hat zu akzeptieren, das die Goldimporte der USA in letzter Zeit scharf angestiegen sind. Wenn du nun aufgibst in den breiten Aktienmarkt (Dow Jones, Nasdaq, Dax, Nemax, Euro Stoxx, Nikkei, etc.) zu investieren und verkaufst deine Restposten, dann könntest du den Gold breakout aktuell bei HUI 140 gestiegen gerade mal 7% kaufen.

peter.wedemeier1

[peter.wedemeier1]

Der Goldpreis ist ausgebrochen aus seinem Widerstand bei $317,- und zielt nun auf $330,-. $HUI Aufwärtstrend ist intakt. Der breite Markt (Dow Jones und Nasdaq) wird weiter massiv nach unten gehen. Dieses wird sich positiv auf die Gold- und Silberminenaktien auswirken. Sie sind halt wieder das sichere Investment.

peter.wedemeier1

[peter.wedemeier1]

Dieses sieht wie ein guter Platz aus, um mehr Gold hinzuzufügen.
Ich erwarte bei dem breiten Markt (Dow Jones/Nasdaq) in den nächsten Tagen/Wochen/Monaten/Jahren einen weiteren dramatischen Verfall der Kurse und nehme mehr Gold auf, für den langen Marsch nach Norden.

peter.wedemeier1

[whitey]

Guten Abend zusammen

Wer hier im Board ist auch in Goldcorp investiert ?
Was für Zahlen erwartet Ihr und wie sieht die Aktie
charttechnisch aus ??

Würde mich sehr freuen, wenn sich jemand dazu
äußern würde und auch sonst mehr über die Aktie
gesprochen wird.

Danke und Grüße von Whitey

[mickym [VIP]]

@Whitey

hallo, chartechnisch hat GG gestern gerade eine wichtige Unterstützung gebrochen, wenn sie jedoch bis Ende der Woche wieder über 9,35$ notiert, dann ist sie wahrscheinlich eine der Aktien, die aus dem Debakel noch am Besten weggekommen sind.

Gruss Mic

[mickym [VIP]]

Hier der angekündigte Quartalsbericht:

NEWS RELEASE
2002 SECOND QUARTER RESULTS
ONE OF RED LAKE’S STRONGEST QUARTERS: 130,491 OUNCES @ $60/OZ
INCREASED 2002 FORECAST TO 500,000 OUNCES @ $65/OZ
A SOLID GOLD BALANCE SHEET: $264 MILLION IN CASH AND GOLD
(All amounts in this news release are expressed in United States dollars (US$) unless otherwise stated. All per share
information reflects the effect of the 2 for 1 stock split which was completed during the quarter)
Toronto, July 24, 2002 – GOLDCORP INC. (GG:NYSE; G:TSX) is pleased to announce its
second quarter (ending June 30th, 2002) financial and operating results. The Company generated
$0.08 and $0.12 per share of earnings and cash flow, respectively. Bullion adjusted earnings
and cash flow were, respectively, $0.08 and $0.13 per share. Gold production totaled 149,015
ounces at a cash cost of $86 per ounce sold. Goldcorp has an exceptional balance sheet with a
total of $264 million in cash and gold (based on market value) and continues to be Debt Free and
Unhedged.
If stock options had been expensed, earnings for the quarter would have declined by $0.01 to
$0.07 per share based on Canadian and United States Generally Accepted Accounting Principles
(GAAP).
The CEO and CFO of Goldcorp confirm the veracity and soundness of these financial and
operating results and have provided the board of directors with a signed statement verifying this.
RED LAKE MINE – STILL BEATING EXPECTATIONS.
Increase in 2002 Production Forecasts.
The Red Lake Mine continues to be an outstanding performer as Goldcorp’s core operation and
continues to beat expectations. The second quarter, 2002 was one of the Mine’s strongest since
commercial production commenced in January, 2001 and surpassed all forecasts. Processed
grade (gold content) of 2.45 ounces gold per ton (opt) (84 grams per tonne (gpt)) was 10% higher
than anticipated, while the recovery rate of 92.3% was a new record. During the quarter, the
Mine produced 130,491 ounces of gold at a cash cost of $60 per ounce sold. Previously 2002
annual production was forecast to be 475,000 ounces at a cash cost of less than $70 per ounce.
With the strong start to the year this forecast has been increased to 500,000 ounces at a cash
cost of $65 per ounce.
GOLD IS MONEY – GOLDCORP IS GOLD
A Solid Gold Balance Sheet with More Gold than Luxembourg or Hong Kong.
Goldcorp believes strongly that Gold is Money, and continues to strengthen its balance sheet to
reflect this belief. Goldcorp now holds a total of 143,595 ounces of gold (4.47 tonnes or 4.90
tons) which exceeds the total gold reserves of more than 25% of the countries which own gold.
For example, this amount is greater than the gold reserves of each of Luxembourg and Hong
Kong.
Goldcorp Inc. – 2002 Second Quarter Results Page 2
During the second quarter the gold holdings were increased in two ways. First, the Company
continued to hold back a portion of its gold production as inventory increasing its gold bullion
inventory by 6,697 ounces to 63,425 ounces. Since the beginning of 2002, the Company has
increased its bullion holdings by a total of 28,364 ounces or approximately 10% of total
production. This bullion is carried on the balance sheet at cost, in accordance with Canadian
GAAP. Second, the Company purchased 80,170 ounces of gold bullion during the second
quarter of 2002 at an average price of $323 per ounce. Fluctuations in the mark to market value
of this portion of the gold bullion holdings are accounted for as unrealized gains or losses and
reported quarterly in accordance with Canadian GAAP.
STOCK SPLIT APPROVED
The Company’s previously announced 2 for 1 stock split which received shareholder approval on
March 21, 2002, received final regulatory approval on May 13, 2002. An additional share for
each owned share was distributed to shareholders of record on May 27, 2002 in Canada and on
May 28, 2002 in the United States. At June 30, 2002 the number of shares outstanding and fully
diluted were, respectively, 182,050,892 and 206,334,406.
FINANCIAL AND OPERATING RESULTS
Second Quarter Ended June 30, 2002
Earnings were $13.9 million, or $0.08 per share, compared with $15.3 million or $0.09 per
share, in the second quarter, 2001. Cash flow from operations was $21 million, or $0.12 per
share, compared with $26.6 million, or $0.16 per share, in the second quarter of 2001. Had the
gold added to the inventory during the quarter been sold, earnings per share would have remained
at $0.08 per share, while cash flow per share would have increased to $0.13 per share. The
primary reason for the decline in earnings from the same period in 2001 was an increase in the
income tax provision. Earnings in the second quarter, 2001 were positively affected on a onetime
basis as a result of changes to the Ontario income tax rate. The increased income tax
provision (relative to the second quarter, 2001) more than offset the increased revenue which
resulted from the higher realized gold price. The potentially beneficial effect of a realized pre-tax
$5.4 million gain from the sale of marketable securities, was cancelled out by a non-cash $5.4
million foreign exchange translation loss.
During the quarter, total gold production was 149,015 ounces at a cash cost of $86 per ounce
sold. This compares with 161,261 ounces at a cash cost of $87 per ounce sold in the second
quarter, 2001. The Red Lake Mine produced 130,491 ounces at a cash cost of $60 per ounce
sold, compared with 131,927 ounces at a cash cost of $60 per ounce sold in the second quarter,
2001. The Wharf Mine had a disappointing quarter, with gold production of 18,524 ounces at a
cash cost of $281 per ounce sold, compared with 29,334 ounces at a cash cost of $202 per ounce
in the second quarter of 2001. The expansion into the new mining areas continued to encounter
adverse ground conditions.
The Wharf Mine’s performance is expected to improve through the remainder of 2002 and to
produce approximately 90,000 ounces of gold at a cash cost of approximately $250 per ounce for
the year. The performance of Saskatchewan Minerals during the quarter improved relative to the
same period in 2001, with revenue up 37% due to higher sales and improved pricing.
Goldcorp Inc. – 2002 Second Quarter Results Page 3
Financial Results
Three months ended
June 30,
Six months ended
June 30,
2002 2001 2002 2001
(in millions of US dollars except per share amounts. All
per share amounts reflect 2 for stock split)
Revenues $ 46.8 $ 43.8 $ 84.8 $ 92.1
Reported earnings
Per share: Basic $ 0.08 $ 0.09 $ 0.18 $ 0.18
Diluted $ 0.08 $ 0.09 $ 0.17 $ 0.18
Operating cash flow
Per share: Basic $ 0.12 $ 0.16 $ 0.24 $ 0.34
Diluted $ 0.11 $ 0.16 $ 0.23 $ 0.34
Bullion adjusted earnings
Per share $ 0.08 $ 0.10 $ 0.20 $ 0.19
Bullion adjusted cash flow
Per share $ 0.13 $ 0.17 $ 0.29 $ 0.35
Realized gold price ($/oz) $ 313 $ 267 $ 302 $ 267
Average gold price ($/oz) $ 313 $ 268 $ 302 $ 265
Operating Results
Three months ended
June 30,
Six months ended
June 30,
2002 2001 2002 2001
Gold Production (oz)
Red Lake Mine 130,491 131,927 255,374 278,439
Wharf Mine 18,524 29,334 39,334 55,606
Total 149,015 161,261 294,708 334,045
Production costs ($/oz)1
Red Lake Mine
Cash cost2 $ 60 $ 60 $ 62 $ 57
Non-cash cost 28 35 27 34
Total cost $ 88 $ 95 $ 89 $ 91
Wharf Mine
Cash cost $281 $202 $258 $203
Non-cash cost 53 8 33 7
Total cost $334 $210 $291 $210
Average
Cash cost $ 86 $ 87 $ 91 $ 82
Non-cash cost 31 30 28 29
Total cost $ 117 $ 117 $ 119 $ 111
1 Production costs are based on ounces of gold sold, which may differ from ounces of gold produced.
2 cash and total costs are calculated in accordance with The Gold Institute standards.
Goldcorp Inc. – 2002 Second Quarter Results Page 4
Six Months Ended June 30, 2002
Earnings were $30.1 million, or $0.18 per share, during the first six months of 2002, exactly
replicating the earnings for the same period in 2001. Cash flow from operations for the first six
months, 2002 was $41.3 million, or $0.24 per share, compared with $55 million, or $0.34 per
share, for the same period in 2001. Cash flow declined year over year as a result of a decrease in
revenues from lower gold sales caused by the combination of lower production and an increase in
gold bullion inventory, which more than offset the higher gold price. Had all the gold bullion
added to inventory during the first six months of 2002, been sold, earnings would have
increased to $0.20 per share and cash flow would have increased to $0.29 per share.
Gold production for the first six months of 2002 was 294,708 ounces at a cash cost of $91 per
ounce sold, compared with 334,045 ounces at a cash cost of $82 per ounce in the first six months
of 2001. The decrease in production year over year was in part caused by the weaker operating
performance at the Wharf Mine. In addition, while the average gold grade at the Red Lake Mine
in the first six months of 2002 was an impressive 2.25 opt (77.2 gpt), the average for the first six
months of 2001 was elevated to an even greater 2.48 opt (85 gpt) by a particularly anomalous first
quarter, 2001 when the grade was 2.78 opt (95.3 gpt). All, however represent strong operating
performances with average grades considerably higher than the reserve grade of 2.05 opt (70.3
gpt).
A Strategically Strong Balance Sheet – Unhedged and Debt–Free!
During the second quarter, 2002, on April 30th, the Company closed a $144 million equity
financing, with net proceeds of $137.7 million. One of the stated potential uses of proceeds was
to purchase gold bullion. The market value of the Company’s gold holdings is $45.7 million
which in combination with the cash position of $218.3 million produces total “cash resources” of
$264 million. In the current environment of uncertain equity markets and a declining US$,
Goldcorp believes that holding a substantial portion of its assets in the form of gold bullion is
financially prudent and strengthens its competitive position within the industry and enhances its
ability to capitalize on any potential future growth opportunities. The Company’s competitive
position is further enhanced by being the largest unhedged gold producer in North America
(on an equity market capitalization basis) and by remaining debt-free. Goldcorp’s balance
sheet is one of the strongest in the gold industry.
Paying a Dividend – Returning Value to Shareholders
During the second quarter, 2002 a quarterly dividend of $0.025 per share was paid. Year to date
a total of $0.05 per share has been paid. For the full year 2002, Goldcorp intends to pay a total of
$0.10 per share through two additional quarterly dividend payments of $0.025 per share. The
Company continues to believe that the payment of dividends is important in order to return value
to shareholders on an ongoing basis.
RED LAKE MINE
Our Economic Engine – Continued Strong Performance – Exceeding Forecasts
The Red Lake Mine had one of its best operational quarters since beginning commercial
production in January, 2001. It continues to exceed forecasts, which is impressive considering
the original goal of reducing the production rate by 5% in 2002 to support an increased
exploration effort. To date, the Mine has been able to support this exploration effort, while
maintaining its production rate. Second quarter production of 130,491 ounces resulted from the
processing of 60,705 tons (at an average rate of 667 tons per day) with an average grade of 2.45
Goldcorp Inc. – 2002 Second Quarter Results Page 5
opt (84 gpt) and a recovery rate of 92.3%. This recovery rate exceeds the previous best quarterly
results of 90.3% recorded in the first quarter, 2001. The average grade was 10% higher than
anticipated and represents the second best quarterly figure, exceeded only by the 2.78 opt (95.3
gpt) recorded in the first quarter, 2001.
The second quarter, 2002 production did not include any contribution from gold in concentrate
form. A test processing agreement was finalized with Barrick Gold’s Goldstrike Mine in Nevada
during the quarter and Goldcorp remains committed to producing 25,000 ounces of gold from
concentrate during 2002.
Support For Research and Development Rewarded
Impressive Exploration Results – up to 3.53 opt (121.0 gpt) over 58.0 ft (17.7 m)!
We are currently conducting the largest exploration program ever undertaken at the Red
Lake Mine with a 2002 budget of $12 million. An additional $4 million has been budgeted for
exploration within the Red Lake area, but outside the Red Lake Mine. We are exploring four key
target areas in the mine: 1) Deep extensions of our High Grade Zone (HGZ); 2) Deep extensions
of sulphide mineralization; 3) Potential repetitions of Red Lake style mineralization to the east
in the Far East Zone; and 4) Possible high grade mineralization in the Western Complex Area.
Goldcorp regards exploration as the research and development necessary to ensure the
Company’s future growth. The support for this has already been rewarded with some of the
most impressive results obtained since the original discovery of the HGZ. Among the results
released on May 29, 2002 was the first occurrence of multiple zones of high grade mineralization
beneath the current HGZ reserves and resources. One drill hole encountered 8 significant
intersections within a 241 feet (ft) (74 metres (m)) interval including 3.53 opt (121.0 gpt)
over 58.0 ft (17.7 m) below the limits of any previous exploration drilling. Among these 8
intersections was the deepest yet in the HGZ which encountered 4.40 opt (150.9 gpt) over 4.4
ft (1.3m) at a vertical depth of 6850 ft (2088 m).
Encouraging results were also obtained from two of the other three main target areas.
Intersections of the sulphide mineralization were encountered 300 ft (91 m) below the current
reserves and resources, including 1.50 opt (51.4 gpt) over 13.0 ft (4.0 m). In addition,
intersections were encountered in the Far East Zone 400 ft (121.9 m) further east than any
previous results, with up to 1.12 opt (38.3 gpt) over 9.6 ft (2.9 m). These results continue to
support Goldcorp’s belief that the Red Lake area is one of the World’s premier locations for gold
exploration, with tremendous future potential.
CONTINUED INCREASE IN VISIBILITY AND LIQUIDITY
During the second quarter, 2002, options on the Company were listed for trading on two
additional stock exchanges. Effective May 30, 2002 the Pacific Exchange (PCX) in San
Francisco began trading options on Goldcorp under the symbol GG, and effective June 3, 2002
the Montreal Exchange (MX) also began trading options on the Company under the symbol G.
Goldcorp believes these events and the recently completed stock split, will continue to increase
the Company’s market visibility and liquidity which is of direct benefit to the shareholders.
Investors have three ways to participate in Goldcorp’s growth: purchase shares listed on the
New York Stock Exchange (NYSE) or Toronto Stock Exchange (TSX); purchase options listed
on the American Stock Exchange (AMEX), Chicago Board of Options Exchange (CBOE), the
Pacific Stock Exchange (PCX) or Montreal Stock Exchange (MX); or purchase warrants listed
on the Toronto Stock Exchange.
Goldcorp Inc. – 2002 Second Quarter Results Page 6
KEY STATISTICS
(in United States dollars)
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Operating Results
Gold produced (ounces) 149,015 161,261 294,708 334,045
Gold sold (ounces) 142,300 155,853 266,300 329,340
Per ounce data
Average actual gold price $313 $268 $302 $265
Average realized gold price 313 267 302 267
Cash cost 86 87 91 82
Total cost 117 117 119 111
Financial Results (thousands)
Revenue from gold sales $44,184 $41,944 $80,266 $88,302
Total revenues 46,762 43,798 84,785 92,097
Earnings from operations 23,447 21,884 42,855 47,418
Earnings for the period 13,850 15,299 30,062 30,001
Operating cash flow 21,024 26,626 41,345 55,001
Per share data
Earnings for the period
Basic $ 0.08 $ 0.09 $ 0.18 $ 0.18
Diluted $ 0.08 $ 0.09 $ 0.17 0.18
Operating cash flow
Basic $ 0.12 $ 0.16 $ 0.24 $ 0.34
Diluted $ 0.11 $ 0.16 $ 0.23 $ 0.34
Weighted average number of shares 176,615 164,122 171,058 163,722
As at As at
June 30, Dec 31,
2002 2001
Financial Position (thousands)
Cash and short-term investments $218,343 $78,104
Gold bullion investment 25,534 -
Gold bullion inventory:
Cost 6,691 3,846
Market 20,201 9,694
Working capital 257,190 88,587
Long-term debt - -
Shareholders’ equity 337,490 157,552
Gold production sold forward (hedging) NIL NIL
Common shares (000’s)
Outstanding 182,051 165,091
Fully diluted 206,334 188,228
Goldcorp Inc. – 2002 Second Quarter Results Page 7
INTERIM MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JUNE 30, 2002
This interim Management and Discussion Analysis (“MD&A”) updates the annual 2001 MD&A
in terms of any significant changes in Goldcorp’s business and analyses the results of operations
for the three months ended June 30, 2002 and the six months ended June 30, 2002.
All amounts are in US dollars, except where otherwise indicated. Goldcorp completed a two-forone
stock split during May 2002 and the per share results from prior reporting periods have been
restated (halved), to make comparisons to current period results more meaningful.
Financing
On April 11, 2002, Goldcorp entered into an agreement with a syndicate of underwriters under
which they agreed to purchase 5 million Units, at a price of US$18 per Unit (on a pre-split basis),
for gross proceeds of $90 million. Each Unit consisted of one common share and one-half of one
share purchase warrant. Goldcorp also granted the underwriters an option to purchase up to an
additional 3 million Units under the same terms. The option was exercised on April 16, 2002,
bringing the total number of Units to 8 million, for gross proceeds of $144 million. On a postsplit
basis, one full share purchase warrant entitles the holder to purchase two common shares at a
price of $12.50 per share for a period of up to five years from the closing date of April 30, 2002.
Stock Split
On March 21, 2002, shareholders of Goldcorp overwhelmingly approved a special resolution to
sub-divide (split) each outstanding common share on a 2 (two) for 1 (one) basis. Management and
the Board of Directors believed that the decision would increase the trading liquidity of Goldcorp
shares, which should lead to enhanced shareholder value. At June 30, 2002 the Company had
182,050,892 common shares outstanding. If all outstanding options and warrants had been
exercised a total of 206,334,406 common shares would have been outstanding. The weighted
average number of shares outstanding for the six months ended June 30, 2002 was 171,057,891.
Earnings and Cash Flow (on a post stock-split basis)
Earnings for the second quarter of 2002 were $13.9 million, or $0.08 per share, compared with
$15.3 million, or $0.09 per share, for the second quarter of 2001. Included in the second quarter
of 2001 was a one-time reduction to income tax expense of $3.1 million, or $0.02 per share, as a
result of changes to the Ontario income tax rate.
Goldcorp’s earnings for the six months ended June 30, 2002, in accordance with Canadian
Generally Accepted Accounting Principles (GAAP), were $30.0 million, or $0.18 per share. This
compares with earnings of $30.0 million, or $0.18 per share, for the corresponding period last
year ($0.16 per share before the one-time income tax reduction).
Operating cash flow for the second quarter 2002 was $21.0 million, or $0.12 per share, compared
with $26.6 million, or $0.16 per share, for the second quarter of 2001.
Goldcorp Inc. – 2002 Second Quarter Results Page 8
Operating cash flow for the six months ended June 30, 2002 was $41.3 million, or $0.24 per
share. This compares with cash flow of $55.0 million, or $0.34 per share, for the corresponding
period last year.
Cash Resources
Cash and short-term investments increased from $78.1 million at December 31, 2001 to $218.3
million at June 30, 2002. The increase includes proceeds from the issue of 8 million Units (on a
pre-split basis), for net proceeds of $137.7 million, which closed on April 30, 2002.
Goldcorp believes that gold is equivalent to money. The market for gold is liquid with an
established international price. Gold bullion is readily convertible to cash.
During the second quarter the Company added to its gold bullion inventory position, by
purchasing gold bullion on the open market.
Gold Bullion
Goldcorp purchased 80,170 ounces of gold bullion on the open market during the second quarter
of 2002. The average price of the purchased gold bullion was $323 per ounce, for a total purchase
cost of $25.9 million. The market value of the investment gold bullion, based on the London PM
Fix on the last business day in June 2002, was $25.5 million.
Investment gold bullion is traded on the open market at an established price. Unrealized gains or
losses arising from fluctuations in the price of gold bullion are accounted for on a mark-to-market
basis, irrespective of whether or not the gold bullion has actually been sold.
During the second quarter of 2002 the Company continued with its strategy of building gold
bullion inventory. The Company increased its holdings of gold bullion from production for the
six months ended June 30, 2002, by 28,364 ounces (from 35,061 ounces as at December 31,
2001, to 63,425 ounces as at June 30, 2002). The increase in gold bullion inventory during the
second quarter of 2002 was 6,697 ounces (from 56,728 ounces as at March 31, 2002 to 63,425
ounces as at June 30, 2002). The market value of the gold bullion inventory from production,
based on the London PM Fix on the last business day in June 2002, was $20.2 million.
The Company recognizes revenue under Canadian GAAP. Revenue from gold bullion production
is recognized when title passes to the purchaser and as a result revenue is recorded when the gold
is sold, not when it is produced.
The Company however believes that its performance should also be assessed with gold bullion
valued at its net realizable value and the impact on earnings and cash flow calculated as if the
bullion was sold. This approach more accurately reflects the results of our production activities
and eliminates income fluctuations caused by changes in inventory levels. The Company refers to
these measures as bullion adjusted earnings and bullion adjusted cash flow respectively.
Bullion adjusted earnings and bullion adjusted cash flow are not measures of performance under
Canadian or US GAAP. They should not be considered in isolation or as a substitute for GAAP
earnings or operating cash flow. These measures do not have standardized meaning nor are they
necessarily comparable with other companies.
Goldcorp Inc. – 2002 Second Quarter Results Page 9
For the second quarter of 2002, had we sold all the bullion that was produced during the quarter,
our reported earnings per share would have remained $0.08 per share, while operating cash flow
per share would have increased from $0.12 per share, to $0.13 per share.
For the six months ended June 30, 2002, had we sold all the bullion that was produced for the
first six months of the year, our reported earnings per share would have increased from $0.18 per
share, to $0.20 per share, while operating cash flow per share would have increased from $0.24
per share to, $0.29 per share.
The following table reconciles earnings and operating cash flow to bullion adjusted earnings and
bullion adjusted cash flow.
Three months
ended
June 30,
Three months
ended
June 30,
Six months
ended
June 30,
Six months
ended
June 30,
2002 2001 2002 2001
(in millions of US dollars, except per share amounts)
Earnings $ 13,850 $ 15,299 $ 30,062 $ 30,001
Unrealized earnings from the change in
gold bullion inventory on hand, net of taxes
690
857
3,306
781
Bullion adjusted earnings $ 14,540 $ 16,156 $ 33,368 $ 30,782
Bullion adjusted earnings per share
Basic $ 0.08 $ 0.10 $ 0.20 $ 0.19
Diluted $ 0.08 $ 0.10 $ 0.19 $ 0.18
Operating cash flow $ 21,024 $ 26,626 $ 41,345 $ 55,001
Unrealized cash flow from the change in
gold bullion on hand, net of taxes
1,955
2,039
8,272
1,834
Bullion adjusted cash flow
$ 22,979
$ 28,665
$ 49,617
$ 56,835
Bullion adjusted cash flow per share
Basic $ 0.13 $ 0.17 $ 0.29 $ 0.35
Diluted $ 0.12 $ 0.17 $ 0.28 $ 0.34
Had our entire gold bullion inventory of 63,425 ounces been sold during the second quarter of
2002, earnings per share would have increased by $0.04 per share, while cash flow per share
would have increased by $0.11 per share.
Goldcorp Inc. – 2002 Second Quarter Results Page 10
Gold bullion purchases on the open market and gold production delivered to the Company’s
banker are secured in its bank vaults.
Expenses
Depreciation, depletion and reclamation expenses incurred during both the quarter and six months
ended June 30, 2002 were higher than the corresponding periods last year, due to a lower number
of gold ounces sold and a higher reserve base.
Total exploration and reserve development expenditures (both expensed and capitalized) were
$3.9 million for the second quarter of 2002, compared with $2.9 million for the corresponding
period last year. For the six months ended June 30, 2002, expenditures were $6.8 million,
compared with $4.1 million for the corresponding period last year.
Corporate administration expenses incurred during both the quarter and six months ended June
30, 2002 were higher than the corresponding periods last year. This was predominantly due to a
bonus incentive payment of $2.0 million during the second quarter of 2002 as well as increased
investor relations and other corporate activities.
OPERATIONAL SUMMARY
Gold – Red Lake Mine
Three months ended
June 30,
Six months ended
June 30,
2002 2001 2002 2001
Tons of ore milled 60,705 61,535 120,987 118,717
Tons of ore milled per calendar day 667 676 668 656
Average mill head grade (ounces per ton) 2.45 2.19 2.25 2.48
Average recovery rate 92.3% 87.4% 90.9% 89.0%
Ounces of gold produced 130,491 131,927 255,374 278,439
Ounces of gold sold 125,100 126,250 227,400 272,650
Operating cost per ounce sold
Cash production cost $ 60 $ 60 $ 62 $ 57
Non-cash cost 28 35 27 34
Total operating cost $ 88 $ 95 $ 89 $ 91
Red Lake delivered excellent production results for the second quarter of 2002 of 130,491
ounces, exceeding expectations and targets. The second quarter production for 2002 was
equivalent to 99% of the production for the corresponding period last year. Production for the
second quarter of 2002 was ahead of plan by 5,229 ounces.
Gold bullion production for the six months ended June 30, 2002 of 255,374 ounces was
equivalent to 92% of the production for the corresponding period last year. Production for the six
months ended June 30, 2002 was ahead of plan by 23,595 ounces.
Goldcorp Inc. – 2002 Second Quarter Results Page 11
Gold bullion production for the second quarter of 2002 of 130,491 ounces resulted from the
processing of 60,705 tons at an average grade of 2.45 ounces per ton (opt), or 84.0 grams per
tonne (gpt), with a recovery rate of 92.3%.
Gold bullion production for the six months ended June 30, 2002 of 255,374 ounces resulted from
the processing of 120,987 tons at an average grade of 2.25 opt, or 77.1 gpt, with a recovery rate of
90.9%.
Gold not recovered by Red Lake’s existing extraction processes remains in concentrate form and
is stockpiled for further processing and extraction. During the second quarter of 2002, Goldcorp
entered into an agreement with Barrick’s Goldstrike Mine in Nevada to process concentrate on its
behalf. A trial run of 2,000 tons of concentrate was shipped during the second quarter of 2002.
Annual forecast production had been set at 475,000, or approximately 5% below 2001 production
levels, so as to facilitate development work in support of exploration efforts in the mine.
However, given the performance for the first six months of the year, the annual production is
currently projected at 500,000 ounces.
Gold - Wharf Mine
Three months ended
June 30,
Six months ended
June 30,
2002 2001 2002 2001
Tons of ore mined (000’s) 1,100 1,132 1,991 2,195
Tons of waste removed (000’s) 3,835 2,065 6,789 3,868
Ratio of waste to ore 3.49:1 1.82:1 3.41:1 1.76:1
Tons of ore processed (000’s) 978 1,118 1,965 2,108
Average grade of gold processed
(ounces per ton) 0.029 0.027 0.026 0.030
Ounces of gold produced 18,524 29,334 39,334 55,606
Ounces of gold sold 17,200 29,603 38,900 56,690
Operating cost per ounce
Cash production cost $ 265 $ 185 $ 246 $ 186
Royalties and severance taxes 16 17 12 17
Total cash cost 281 202 258 203
Non-cash cost 53 8 33 7
Total operating cost $ 334 $ 210 $ 291 $ 210
Wharf Mine continued to experience operational difficulties during the second quarter of 2002 that
affected both production levels and efficiencies. The expansion into the new mining area continued
to encounter adverse ground conditions. In addition, the extraction of gold in solution utilizing the
carbon stripping system has not met expectations and adjustments are being made to improve the
recovery of gold from the carbon.
Production of 18,524 ounces of gold for the second quarter of 2002 is equivalent to 63% of the
production for the corresponding period last year. Gold bullion production for the six months ended
June 30, 2002, was 39,334 ounces, which is equivalent to 71% of the production for the
corresponding period last year.
Goldcorp Inc. – 2002 Second Quarter Results Page 12
Total operating cost for the second quarter of 2002 of $334 per ounce was $124 higher than the
corresponding period last year. The increase in non-cash costs is related to pre-stripping required
to access the ore in the mine’s remaining pit. The costs relating to pre-stripping are capitalized
and then amortized over the mine’s remaining ounces. Total operating cost for the six months
ended June 30, 2002, of $291 per ounce was $71 higher than the corresponding period last year.
The non-cash cost is forecast at $45 for the year. Cash cost for the year is projected at $250 per
ounce and total cost per ounce is expected to be $295 per ounce.
Reclamation at the Golden Reward Mine site is on schedule and on budget. Total reclamation
expenditures of $2.1 million for the six months ended June 30, 2002, compares with the budget
for the six months ended June 30, 2002, of $1.9 million.
Industrial Minerals Operation - Saskatchewan Minerals
Three months ended
June 30,
Six months ended
June 30,
2002 2001 2002 2001
(in millions of US dollars)
Tons produced 36,829 32,435 67,500 62,763
Tons sold 35,053 28,902 60,998 57,781
Revenues $ 2.6 $ 1.9 $ 4.5 $ 3.8
Operating profit 0.9 0.4 1.4 0.8
Operating cash flow 1.0 0.5 1.5 1.0
Revenue improved over the corresponding periods last year, due to higher sales volumes and
pricing levels. Production shows improvement over the corresponding periods last year, due to a
shorter maintenance shutdown period. Strong sales to the detergent industry have offset the
shortfall in sales to the pulp and paper industry.
Liquidity and Capital Resources
Goldcorp’s treasury is very strong. At the end of June 30, 2002, cash and short-term investments
were $218.3 million, an increase of $140.2 million from December 31, 2001. The increase is
mainly due to the equity financing completed at the end of April 2002, which added net proceeds
of $137.7 million.
Gold bullion inventory rose from 35,061 ounces as at December 31, 2001 to 63,425 ounces as at
June 28, 2002. The market value of the gold bullion inventory, based on the London PM Fix on
June 28, 2002 was $20.2 million for gold bullion from production and $25.5 million for
investment gold bullion, for an overall market value of gold bullion inventory at June 30, 2002, of
$45.7 million.
Goldcorp’s cash resources include cash and short-term investments and the market value of both
gold bullion investment and gold bullion inventory. Total cash resources at June 30, 2002, of
$264.0 million, comprised of cash and short-term investments of $218.3 million, the market value
of investment gold bullion of $25.5 million and the market value of the gold bullion from
production of $20.2 million.
Goldcorp Inc. – 2002 Second Quarter Results Page 13
Investment gold bullion in inventory as at June 30, 2002 is shown on the balance sheet at the
market value of $25.5 million. The original cost of the investment gold bullion was $25.9 million.
The unrealized loss on purchased gold bullion of $0.4 million has been expensed in the second
quarter. No purchased gold bullion had been sold as at June 30, 2002.
The second quarter was characterized by increased activity in the levels of purchase and sale of
marketable securities. The Company realized gains on its portfolio of marketable securities for
the six months ended June 30, 2002 of $5.4 million, from the sale of a number of select securities.
The Company accounts for its marketable securities on a portfolio basis, meaning that the market
values of its securities are considered in a “basket” when comparing current market values to the
original purchase price. The provision for the decline in the value for marketable securities
decreased for the six months ended June 30, 2002, by $2.6 million. This provision has no cash
impact and is indicative of the appreciation in the value of marketable securities held by the
Company since December 31, 2001.
Interest and other income earned during both the quarter and six months ended June 30, 2002 was
higher than the corresponding periods last year, due to interest earned on larger average cash
balances, in particular arising from the proceeds of the recent financing.
The Company recorded a translation loss on foreign exchange for the second quarter of 2002 of
$5.4 million. The loss arose from the weakening US dollar denominated assets in the Canadian
parent company. The Company’s US dollar denominated assets increased significantly during the
quarter with the proceeds from the $144 million financing.
Goldcorp paid its second quarterly dividend payment for 2002 of $0.025 per share, bringing the
total dividend payment for the six months ended June 30, 2002, to $0.05 per share. The dividend
payments are in accordance with Goldcorp’s previously stated intention to pay $0.10 per share in
total dividends for 2002, through four quarterly dividend payments of $0.025 each, for a total
expected dividend of $17.8 million for the year.
The secured loan of $2.4 million, which was given to an officer of the Company in April 2000,
was fully repaid during the second quarter of 2002.
Outlook for 2002
With the excellent six month production results from the Red Lake Mine, its gold production,
originally budgeted at 475,000 ounces for the year, is now forecast at 500,000 ounces for the year
at a cash cost of $65 per ounce. The total cost at the Red Lake Mine is forecast at less than $100
per ounce for the year.
Gold production from the Wharf Mine is expected to reach 90,000 ounces for the year, with cash
cost improving to $250 per ounce from current levels once operational difficulties are overcome.
The total cost at the Wharf Mine is forecast to be $295 per ounce for the year.
In view of the six months ended June 30, 2002, and an increased gold price forecast for the year
of $312 per ounce, the Company is adjusting its forecast of earnings to $0.34 per share, a $0.02
per share improvement (on a post-split basis) on the budget. Cash flow per share is forecast at
$0.58 per share, approximately the same level as the prior year.
Goldcorp Inc. – 2002 Second Quarter Results Page 14
The Company remains optimistic about the long-term prospects for the price of gold and will
continue to prefer gold bullion assets, which it considers the equivalent of money, over cash and
other short-term assets. The Company remains debt free and its production is completely
unhedged.
Stock Option Compensation
The Company discloses the effect of stock options issued since January 1, 2002, in accordance
with the recommendations of Section 3870 of the Canadian Institute of Chartered Accountants
Handbook, in a note to its financial statements (See note 2). It is presented for information
purposes only and the compensation expense relating to stock options is not actually expensed in
the financial statements.
The commonly used method for calculating the fair value of options uses the Black-Scholes
Option Formula. The formula includes components relating to the risk-free rate of borrowing, the
Company’s dividend yield, the volatility of the market value of its common stock and the
expected life of the options. The calculation of the fair value of stock options entails judgements
and assumptions, including the volatility of the expected market price of the Company’s common
stock.
Under the stock option plan the Company is authorized to issue options up to 10% of the common
shares outstanding. The compensation cost of the stock options are expensed over the options’
vesting period, which, in the case of Goldcorp, is three years.
The following is the Company’s pro forma earnings with the fair value method applied to all
options issued since January 1, 2002:
Three months ended Six months ended
June 30, 2002 June 30, 2002
Earnings for the period $ 13,850 $ 30,062
Compensation expense related to fair
value of stock options (1,062) (1,298)
Pro forma earnings for the period $ 12,788 $ 28,764
Pro forma earnings per share
Basic $ 0.07 $ 0.17
Diluted $ 0.07 $ 0.16
In prior periods Goldcorp has been required, under US GAAP, to report on a pro forma basis the
effect of stock options on earnings. The compensation cost on stock options, including those
issued in prior periods, is $1.1 million (or $0.01 per share) for the three months ended June 30,
2002, and $1.8 million (or $0.01 per share) for the six months ended June 30, 2002.
Goldcorp Inc. – 2002 Second Quarter Results Page 15
Forward-Looking Statements
This press release includes certain “Forward-Looking Statements” within the meaning of section
21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without limitation, statements regarding
potential mineralization and reserves, exploration results and future plans and objectives of
Goldcorp Inc., are forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from Goldcorp expectations are disclosed under the
heading “Risk Factors” and elsewhere in Goldcorp documents filed from time to time with the
Toronto Stock Exchange, The United States Securities and Exchange Commission and other
regulatory authorities.
Financial Information
Attached are the Consolidated Financial Statements of Goldcorp Inc. for the three and six months
ended June 30, 2002.
Goldcorp
In 2001, Goldcorp was the most profitable North American gold company, on a per share
basis. Its Red Lake mine is believed to be the richest gold mine in the world. The company is in
excellent financial condition, with no debt and strong free cash flow and earnings. Goldcorp is
North America’s largest unhedged gold company!
Goldcorp’s shares are listed on the New York and Toronto Stock Exchanges under the trading
symbols of GG and G, respectively and its options trade on the American Stock Exchange
(AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Exchange (PCX) in
the U.S.A. and on the Montreal Exchange (MX) in Canada.
For further information, please contact:
Chris Bradbrook Corporate Office:
Vice President, Corporate Development 145 King St. West, Suite 2700
Tel. [phone] Toronto, Ontario
Fax. [phone] Canada, M5H 1J8
Website: www.goldcorp.com
Email: [e-mail]
Goldcorp Inc. – 2002 Second Quarter Results Page 16
GOLDCORP INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets
(in thousands of United States dollars)
As at As at
June 30, December 31,
2002 2001
(unaudited)
Assets
Current assets
Cash and short-term investments $ 218,343 $ 78,104
Investment in gold bullion (note 3) 25,534 -
Gold bullion inventory (note 3)
(market value: $20,201; 2001: $9,694) 6,691 3,846
Accounts receivable 4,179 2,963
Marketable securities 22,294 5,942
Inventories 14,710 11,588
Future income taxes - 898
Prepaid expenses 851 1,071
292,602 104,412
Mining interests, net 126,365 117,971
Deposits for reclamation costs 4,675 2,764
Other assets 1,474 1,258
$ 425,116 $ 226,405
Liabilities and Shareholders` Equity
Current liabilities
Accounts payable and accrued liabilities $ 19,356 $ 12,747
Taxes payable 16,056 3,078
35,412 15,825
Provision for reclamation costs 16,433 18,270
Future income taxes 35,781 34,758
Shareholders` equity
Capital stock (notes 2 and 5) 348,029 205,298
Note receivable from officer - (2,413)
Cumulative translation adjustment (1,615) (15,010)
Deficit (note 6) (8,924) (30,323)
337,490 157,552
$ 425,116 $ 226,405
The accompanying notes are an integral part of these consolidated financial statements.
Goldcorp Inc. – 2002 Second Quarter Results Page 17
Consolidated Statements of Operations (unaudited)
(in thousands of United States dollars, except per share amounts)
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Revenues
Gold bullion $ 44,184 $ 41,944 $ 80,266 $ 88,302
Industrial minerals 2,578 1,854 4,519 3,795
46,762 43,798 84,785 92,097
Expenses
Operating 14,178 15,206 27,601 30,429
Corporate administration 3,818 1,228 5,394 2,569
Depreciation, depletion and reclamation 4,492 4,781 7,718 10,027
Exploration 827 699 1,217 1,654
23,315 21,914 41,930 44,679
Earnings from operations 23,447 21,884 42,855 47,418
Other income (expense)
Interest and other income 548 225 1,094 584
Translation loss on foreign currency (5,414) (846) (5,443) (463)
Provision for loss on gold bullion
investment (368) - (368) -
Gain on marketable securities 5,382 2 5,414 278
Decrease (increase) in provision
for decline in value of
marketable securities (1,606) 239 2,554 (493)
(1,458) (380) 3,251 (94)
Earnings before taxes 21,989 21,504 46,106 47,324
Income and mining taxes 8,139 6,205 16,044 17,323
Earnings for the period $ 13,850 $ 15,299 $ 30,062 $ 30,001
Earnings per share
Basic $ 0.08 $ 0.09 $ 0.18 $ 0.18
Diluted $ 0.08 $ 0.09 $ 0.17 $ 0.18
The accompanying notes are an integral part of these consolidated financial statements.
Goldcorp Inc. – 2002 Second Quarter Results Page 18
Consolidated Statements of Deficit (unaudited)
(in thousands of United States dollars)
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Deficit at beginning of period $ (18,223) $ (56,197) $ (30,323) $ (66,859)
Earnings for the period 13,850 15,299 30,062 30,001
Dividends paid to common
shareholders (4,551) - (8,690) (4,086)
Interest on note receivable
from officer - 43 27 89
Deficit at end of period $ (8,924) $ (40,855) $ (8,924) $ (40,855)
The accompanying notes are an integral part of these consolidated financial statements.
Goldcorp Inc. – 2002 Second Quarter Results Page 19
Consolidated Statements of Cash Flows (unaudited)
(in thousands of United States dollars)
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Cash provided by (used in)
Operating activities
Earnings for the period $ 13,850 $ 15,299 $ 30,062 $ 30,001
Items not affecting cash
Depreciation, depletion and
reclamation 4,492 4,781 7,718 10,027
Provision for loss on gold
bullion investment 368 - 368 -
Gain on marketable securities (5,382) (2) (5,414) (278)
Increase (decrease) in provision
for decline in value of
marketable securities 1,606 (239) (2,554) 493
Future income taxes 789 5,537 2,778 16,222
Other (2,082) (95) (2,224) (147)
Change in non-cash operating
working capital 7,383 1,345 10,611 (1,317)
Net cash provided by operating activities 21,024 26,626 41,345 55,001
Investing activities
Mining interests (7,241) (4,749) (12,583) (8,342)
Purchase of gold bullion (25,902) - (25,902) -
Purchases of marketable securities (27,912) (197) (27,912) (197)
Proceeds from sale of marketable
securities 24,696 - 24,749 578
Increase in deposits for
reclamation costs (163) (7) (1,847) (7)
Net cash used in investing activities (36,522) (4,953) (43,495) (7,968)
Financing activities
Issue of capital stock 138,701 2,269 140,144 2,924
Repayment of note receivable
from officer 2,413 - 2,413 -
Dividends paid to common
shareholders (4,551) - (8,690) (4,086)
Net cash provided by (used in)
financing activities 136,563 2,269 133,867 (1,162)
Effect of exchange rate changes on cash 8,552 1,446 8,522 499
Increase in cash and short-term
investments 129,617 25,388 140,239 46,370
Cash and short-term investments
at beginning of period 88,726 38,157 78,104 17,175
Cash and short-term investments
at end of period $ 218,343 $ 63,545 $ 218,343 $ 63,545
The accompanying notes are an integral part of these consolidated financial statements
Goldcorp Inc. – 2002 Second Quarter Results Page 20
Goldcorp Inc.
Notes to Consolidated Financial Statements (unaudited)
(United States dollars, tabular amounts in thousands)
1. General
The unaudited interim period consolidated financial statements have been prepared by the
Company in accordance with Canadian generally accepted accounting principles. The
preparation of financial data is based on accounting policies and practices consistent with
those used in the preparation of the audited annual consolidated financial statements. The
accompanying unaudited consolidated financial statements should be read in conjunction
with the notes to the Company`s audited consolidated financial statements for the year ended
December 31, 2001.
These unaudited interim consolidated financial statements reflect all normal and recurring
adjustments, which are, in the opinion of management, necessary for a fair presentation of the
respective interim periods presented.
2. Changes in Accounting Policies – Stock-Based Compensation
Effective January 1, 2002, the Company adopted the new recommendations of the Canadian
Institute of Chartered Accountants in Handbook Section 3870, “Stock-based compensation
and other stock-based payments”. Section 3870 is applied prospectively to all stock-based
payments to non-employees granted on or after January 1, 2002.
The Company accounts for all stock-based payments to non-employees granted on or after
January 1, 2002, using the fair value based method. Stock options granted to employees are
accounted for as a capital transaction. The Company is also required to disclose the pro forma
effect of accounting for stock option awards granted to employees subsequent to January 1,
2002, under the fair value based method. Accordingly, the fair value of the 2,682,000 options
granted subsequent to January 1, 2002 has been estimated at the date of grant using a Black-
Scholes option pricing model with the following assumptions: risk-free interest rate of 4%;
dividend yield of 1%; volatility factor of the expected market price of the Company’s
common stock of 37%; and a weighted average expected life of the options of 3 years. For
purposes of pro forma disclosure, the estimated fair value of the options is expensed over the
options’ vesting period, which is 3 years.
Goldcorp Inc. – 2002 Second Quarter Results Page 21
Goldcorp Inc.
Notes to Consolidated Financial Statements (unaudited)
The following is the Company’s pro forma earnings with the fair value method applied to all
options issued during the period:
Three months ended Six months ended
June 30, 2002 June 30, 2002
Earnings for the period $ 13,850 $ 30,062
Compensation expense related to fair
value of stock options (1,062) (1,298)
Pro forma earnings for the period $ 12,788 $ 28,764
Pro forma earnings per share
Basic $ 0.07 $ 0.17
Diluted $ 0.07 $ 0.16
3. Gold Bullion
Gold bullion inventory produced by Goldcorp’s operations has been accounted for differently
than gold bullion held as an investment. Gold bullion inventory is carried at the lower of
average cost or net realizable value, whereas gold bullion held as an investment is carried at
net realizable value and the unrealized gains and losses are charged to earnings during the
current period.
During the second quarter, the Company purchased 80,170 ounces of gold bullion for a total
cost of $25,902,000. At June 30, 2002, the market value of the purchased gold bullion was
$25,534,000, a decrease of $368,000, which the Company has recorded as a provision on
unrealized losses on gold bullion investment.
At June 30, 2002, the Company had 63,425 ounces of gold bullion inventory, which is carried
on the balance sheet at a production cost of $6,691,000. Based on a gold price of $318.50 per
ounce on June 28, 2002, the last trading day during the period, the Company’s gold bullion
inventory had a market value of $20,201,000.
Goldcorp Inc. – 2002 Second Quarter Results Page 22
Goldcorp Inc.
Notes to Consolidated Financial Statements (unaudited)
4. Segmented Information
The Company has two reportable industry segments: gold mining in Canada and the United
States and industrial minerals mining and processing in Canada. The Company’s gold mines
consist principally of the Red Lake Mine located in northern Ontario and the Wharf Mine
located in South Dakota. The industrial mineral operations consist of Saskatchewan
Minerals, located in Saskatchewan, which produces sodium sulphate primarily for the
detergent industry. Revenues from gold operations are attributed based on the location of the
operation and revenues from industrial minerals are based on the location of the customer.
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Gold
Revenues:
Canada $ 38,743 $ 33,835 $ 68,459 $ 72,871
United States 5,441 8,109 11,807 15,431
44,184 41,944 80,266 88,302
Depreciation, depletion and reclamation 4,434 4,721 7,604 9,906
Operating income before taxes 26,272 22,722 46,824 49,148
Expenditures for mining interests 7,087 4,749 12,392 8,342
Industrial Minerals
Revenues:
Canada $ 1,515 $ 1,171 $ 2,540 $ 2,311
United States 1,063 683 1,979 1,484
2,578 1,854 4,519 3,795
Depreciation, depletion and reclamation 58 60 114 121
Operating income before taxes 993 390 1,425 839
Expenditures for mining interests 154 - 191 -
Total
Revenues:
Canada $ 40,258 $ 35,006 $ 70,999 $ 75,182
United States 6,504 8,792 13,786 16,915
46,762 43,798 84,785 92,097
Depreciation, depletion and reclamation 4,492 4,781 7,718 10,027
Operating income before taxes 27,265 23,112 48,249 49,987
Expenditures for mining interests 7,241 4,749 12,583 8,342
Goldcorp Inc. – 2002 Second Quarter Results Page 23
Goldcorp Inc.
Notes to Consolidated Financial Statements (unaudited)
Reconciliation of earnings before taxes
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Operating income from reportable
segments before taxes $ 27,265 $ 23,112 $ 48,249 $ 49,987
Provision for loss on gold bullion investment (368) - (368) -
Gain on marketable securities 5,382 2 5,414 278
Decrease (increase) in provision for decline
in value of marketable securities (1,606) 239 2,554 (493)
Interest and other income 548 225 1,094 584
Translation loss on foreign currency (5,414) (846) (5,443) (463)
Corporate administration (3,818) (1,228) (5,394) (2,569)
Earnings before taxes $ 21,989 $ 21,504 $ 46,106 $ 47,324
5. Capital Stock
On March 21, 2002, the Company’s shareholders approved a two-for-one split of the
Company’s common shares. The record date for the split was May 22, 2002. Previously
reported earnings per share information has been adjusted to reflect this split.
On April 30, 2002, the Company issued 8,000,000 Units (on a pre-split basis) at a price of
US$18.00 per Unit, for net proceeds of $137,740,000. Each Unit consisted of one common
share and one-half of one share purchase warrant. One full share purchase warrant,
subsequent to the two-for-one share split, entitles the holder to purchase two common shares
at a price of US$25.00 for a period of up to five years from the closing date of April 30, 2002.
At June 30, 2002, the Company had 182,050,892 common shares outstanding. If all
outstanding options and warrants had been exercised a total of 206,334,406 common shares
would have been outstanding.
Goldcorp Inc. – 2002 Second Quarter Results Page 24
Goldcorp Inc.
Notes to Consolidated Financial Statements (unaudited)
The following table sets forth the computation of diluted earnings per share:
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Numerator:
Earnings available to common shareholders $ 13,850 $ 15,299 $ 30,062 $ 30,001
Denominator (shares in thousands):
Weighted average shares outstanding 176,615 164,122 171,058 163,722
Effect of dilutive securities:
Employee stock options and warrants 7,955 3,903 7,003 3,079
Adjusted weighted average shares and
assumed conversions 184,570 168,025 178,061 166,801
6. Amalgamation with CSA Management Inc.
During 2000, Goldcorp amalgamated with CSA Management Inc. (CSA), a major
shareholder of Goldcorp with a 17% equity interest and a 44% voting interest. The Goldcorp
common shares held by CSA were cancelled on amalgamation. For accounting purposes, the
cancellation was treated as Goldcorp redeeming its common shares with common share
capital, contributed surplus and retained earnings reduced as follows:
Share capital $ 36,553
Contributed surplus 5,569
Retained earnings 56,276
Total $ 98,398
The accounting treatment had the effect of reducing Goldcorp’s share capital, eliminating
existing contributed surplus and moving the Company’s retained earnings into a deficit
position.

.............................

Gruss Mic

[whitey]

Hallo

@Mic
Danke das du den Quartalsbericht hereingestellt
hast.
Was meinst du, ist er positiv zu bewerten ??
Mein Englisch ist leider nicht so gut, dass ich
sagen könnte, alles zu verstehen.Auf jeden Fall
ist er seeeeehr lang und wenn ich es richtig interpretiere, dann ist in diesem Jahr weniger umgesetzt worden als
im gleichen Zeitraum letzten Jahres.

Vielleicht kann diesen Bericht ja irgendjemand
in kurzen Zügen übersetzen.

Danke und Grüße von Whitey

[peter.wedemeier1]

Die Goldaktien heizen wieder auf. Goldcorp ist eine von den besten. Sie haben niedrige operative Kosten, sie sind profitabel und sie sind in den USA.
Goldcorp springt nun von seinem 200-day Unterstützungs-Niveau und bewegt sich schnell nach oben. Es zeigt eine scharfe V-Formation und könnte sehr schnell $10,50 erreichen. Das MACD-Histogramm dreht nach oben. Die Aktie von diesem Unternehmen bewegt sich intraday sehr stark mit dem Goldpreis, als ob es eine starre Verbindung zwischen beiden gäbe. Bewegt sich der Goldpreis nach oben, so steigt auch Goldcorp.
Goldcorp ist einer von meinen Favoriten, wenn man Schätzungen bsich anschaut von einem Goldpreis bei $500, $600, $1250 oder sogar $2000.

peter.wedemeier1

[peter.wedemeier1]

Overview

At the beginning of the 21st Century, Goldcorp is well positioned to profit, prosper and increase share owner wealth in both low and high gold price environments. Its Red Lake Mine is truly “world class” and provides an extremely strong platform from which the company can grow.

Goldcorp is financially strong. It has no debt, a rapidly growing treasury and no financing requirements. Innovation, creativity, and the challenging of conventional thinking have been key ingredients in the company’s success. These characteristics will continue to be a very important part of Goldcorp’s future.

An example of Goldcorp’s innovative thinking is in its use of the internet. “The Goldcorp Challenge”, and the recently-launched ”Global Search Challenge”, are two exploration contests accessible via the internet. They are examples of how Goldcorp is using the internet to access the intellectual expertise of the world’s exploration and mining communities.

Already the results of the first challenge have had a positive impact
on the company’s exploration effort at the Red Lake Mine. Goldcorp is confident that such initiatives will help increase its odds of exploration
success and shorten the required time frames.

http://www.goldcorp.com/

[peter.wedemeier1]

Einsteigen in die Gold Saison.
Die jährlich Gold Saison kommt im September/Oktober zum Höhepunkt. So ist dieses eine sehr gute Zeit, bei Gold- und Silberminenunternehmen einzusteigen. Goldcorp gehört mit zu meiner breit aufgestellten nordamerikanischen Auswahl (neben Südamerika und Afrika). Das Managment weiß zu spielen den Goldbullen, so sollten Sie ein breites Interesse anziehen von den Momentum Spielern, wenn die große Bewegung nach oben im nächsten Monat kommt.

peter.wedemeier1

[peter.wedemeier1]

Goldcorp wird wieder mit dem Goldpreis nach oben steigen. TA tut nicht gut arbeiten bei GG. Die einzige Sache, die bei GG wirklich eine Rolle spielt, ist der Goldpreis. Da GG eine enge Korrelation zu dem Goldpreis hat.

peter.wedemeier1

[peter.wedemeier1]

Einen genauen Boden zu treffen beim Gold/Goldcorp ist sehr schwierig. Kaufe nun, für den nächsten Aufwärtsschwung beim Goldpreis, der sehr sehr bald erwartet wird.

peter.wedemeier1

[peter.wedemeier1]

Gesteigerte Gründe für den Goldsektor!
GG hatte einen Pullback gehabt und ist nun wieder fällig für eine starke Bewegung nach oben. Ebenso denke ich, das der überbewertete Dollar mit seiner Schwäche fortsetzen wird.

peter.wedemeier1

[peter.wedemeier1]

Gold and the Dollar
A Comparison of Gold Stock Valuations

Ein sehr interessanter Vergleich zwischen Harmony Gold Mining und Goldcorp. Es wird auch noch kurz auf Kinross Gold eingegangen.

http://www.321gold.com/editorials/saville/saville081002.html

[peter.wedemeier1]

Goldcorp kaufen!
Ich bin ein schwer sterbender Goldbulle., so ich würde gerade kaufen auf diesen Niveaus. Ich erwarte eine kurzfristige Bewegung auf $10,- und Gold auf $320,-/oz.

peter.wedemeier1

[peter.wedemeier1]

Die SMA 10 ist über die SMA 15 gestiegen. Diese Aktie setzt fort zu steigen, wie vor ein paar Tagen von den Bollinger Bändern angezeigt wurde. Der aktuelle Kurs ist über die SMA 5 gestiegen. Das MACD Histogramm ist bullish. Die MACD Trendlinien sind bullish. Die Stochastik Trendlinien sind bullish.

peter.wedemeier1

[peter.wedemeier1]

INTERVIEW-Bullish Goldcorp puts money where mouth is

8/9/2002 1:41:21 PM
By Alden Bentley

NEW YORK, Aug 9 (Reuters) - Canada`s Goldcorp (GG) (CA:G) , a profitable mid-size producer possessing one of the mining world`s best cash cows, is unabashedly bullish on bullion and literally putting its money where its mouth is, the company`s top executive told Reuters.

CEO Robert McEwen said Goldcorp is holding back some of its 600,000 ounces of annual production in inventory, and went into the market in the second quarter to buy extra gold in lieu of operating cash it keeps on hand.

"Right now it`s a short-term placement for funds that I think has better upside than cash," McEwen told Reuters in an interview.

The price of gold rallied to a 2-1/2-year high above $330 an ounce in early June. At midday Friday on the COMEX division of the New York Mercantile Exchange, gold futures for December delivery fetched $316.60 an ounce, up $4.40 from Thursday`s finish and a dime below the session high.

McEwen said that with short-term dollar deposits returning only 1.5 percent per annum, the "opportunity cost of going out of cash is small," while gold has the potential to return 3 percent a day, using a powerful rally on Wednesday as an example.

"You are not going to annualize 3 percent a day, but I`m not worried about that," he said.

McEwen said the company had 4.9 tonnes of gold in vaults at its Toronto depository at the end of June. "We have more gold than 30 sovereign states that are issuing currency," he claimed.

"We believe in the product, we believe it`s going up, and we`re blessed with what is considered the richest gold deposit in the world," he said, referring to the Red Lake mine in western Ontario from which Goldcorp mined 500,000 ounces last year at $62 an ounce -- among the very lowest cash costs of production in the industry.

The company does not hedge any production by pre-selling unmined gold forward to lock in prices. Instead, it prefers to live or die by the price of gold, like the world`s largest producer Newmont Mining (NEM) .

It`s full exposure to the spot price has put it in the forefront of the gold sector rally this year. Its 44 percent gain outperformed even market darling Newmont.

"I believe we`re going to see a day similar to what we saw in 1999, when gold spikes up $70 to $80 and it gets outside the bands that were constructed around these hedge positions, and counterparties come back and say `margin call` and that is going to start a squeeze," McEwen said.

Since Goldcorp restructured from a holding company to an operating company in 1993, its share price has experienced a 33 percent compound annual return, McEwen said, compared to small losses for the big three North American producers, Newmont, Barrick Gold (CA:ABX) and Placer Dome (CA:PDG) .

"At least two-thirds of the industry engages in hedging and we`ve seen previews of what happens when you get your hedge wrong," he said, mentioning the massive loss incurred by overhedged Ashanti Goldfields and Cambior Inc. during the gold price spike to $340 in 1999.

McEwen reduced his personal stake in Goldcorp from 44 percent to 6.5 percent since 2000. But he said he was not waiting around to be swallowed by one of the major producers.

He would not rule out a takeover, given the rapid consolidation of the bloated gold industry.

"Certainly when we opened up the share structure, people thought `Well, Placer is going to come after us and AngloGold is looking to diversify,`" he said, referring to the South African producer which lost a heated takeover battle for Canada`s Franco-Nevada Inc. to Newmont this year.

"It`s all about how do we build share value here, and how do I take a chunk of money that I have in there and make it worth more," McEwen added.

On the New York Stock Exchange on Friday, Goldcorp was up 55 cents at $9.25 a share.

[peter.wedemeier1]

Interestingly enough, the concept of preferring precious metals to the USD is even taking hold among gold producers. Canada`s Goldcorp is holding back some of its production of 600,000 of gold per annum instead of selling it and inventorying cash. After all, it would only take a rally of less than $9 per year to better the return currently available in cash. CEO Mr. Robert Ewen was quoted, "Right now it`s a short-term placement for funds that I think has better upside than cash. Gold bulls around the world could only hope and pray that such thinking becomes a bit more universal among investors, as investment demand continues to lag in this market.

[peter.wedemeier1]

Ein schönes 3d Modell vom Red Lake.
http://members.shaw.ca/blahmcblah/BALLMERTOWNGOLDCORPRUPERTM…

[peter.wedemeier1]

>Gold Fields and Goldcorp claim top honours
http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B28525…

[peter.wedemeier1]

Steigerung bei dem Volumen genauso wie der Kurs höher steigt; positiver MACD (Long Empfehlung)

Geht long bei GG. Die Kursbewegung relativ zum Volumen ist sehr
positiv und dieses Unternehmen hat eine saubere Bilanz.

[peter.wedemeier1]

Ein Barrons Artikel!

Monday, September 9, 2002
Miner Keys

Longtime gold booster says the metal is due for a rousing comeback

An Interview With James Turk - Gold appears to have broken out of its longtime funk. But is the move just a flash in the pan or something more substantial? For an answer, we turned to one of the more obsessed gold authorities we know, James Turk, publisher of the Freemarket Gold & Money Report newsletter and founder and managing director of Goldmoney.com, a company striving to make the metal the currency of choice in global commerce, especially in cross-border transactions. An international banker and manager of the commodity department for the Abu Dhabi Investment Authority for much of the `Eighties, Turk spent most of the `Nineties providing strategic advice and forecasts to investment managers. To learn why he thinks gold is on the cusp of a new bull market and which stocks he`s focused on, please read on.

--Sandra Ward

Barron`s: Gold has had quite a run. What can we expect going forward?

Turk: The move we had earlier in the year was so good, we were bound to see some consolidation in July and August, which is normally a quiet time of the year for gold, anyway, and that`s what we got. Now, my expectation is we will test resistance at the $325-an-ounce threshold again in either September or October. I believe $325 will be crossed this year and that will mark the beginning of the bull market in gold.


Turk believes his "fear index" now favors gold.


Gold had been in a clear down trend through the `Nineties until May 1999, when the Bank of England said it would sell half its gold reserves. That resulted in panic selling and gold bottomed in July 1999 at $252 an ounce. It worked its way higher, then tested that low in early 2000 before climbing the past few years to current levels. What we`ve seen is a huge base being formed and the price going higher as the metal has been accumulated. Once the $325 level is taken out, that will signal the beginning of a new bull market.

Q: We`ve had a bear market in gold for 20 years. So how long will a bull market last?
A: I have a long-term model I use to identify trends in the gold market that I call the "fear index." The index reflects the relative position of gold compared to the dollar. When fear about monetary problems is rising, people move to gold from dollars, and the fear index captures these moves. The index is calculated by taking the U.S. gold reserve, multiplying it by the gold price and dividing it by M3, the broadest measure of money supply, to quantify the percentage of gold relative to dollars in circulation and determine the level of confidence in the dollar and any possible cyclical patterns. The fear index shows four distinct bullish cycles for gold since 1971, when the gold standard was abandoned: inflation in the early and late `Seventies, the savings-and-loan crisis in the `Eighties and then the collapse of the exchange-rate mechanism in the early `Nineties when George Soros broke the Bank of England. We just got the fifth buy signal at the end of May. At the least, these cycles tend to last a couple of years. We don`t know how long this one is going to last, but my expectation is we`re at the beginning of another bullish cycle that will last at least two years.

Q: But if you`re looking at gold reserves as a percentage of M3,doesn`t flooding the system with liquidity skew the result?
A: All I`m doing is taking the year-to-year growth in M3 at the end of each month and plotting it on a chart. Back in the 1970s, we had double-digit inflation rates because we had double-digit rates of growth in M3. Then, former Fed chairman Paul Volcker`s mandate was to reduce inflation, and he did it by reducing the growth rate of M3. Fed Chairman Greenspan continued those disinflationary policies when he came into office in 1987. In 1992 we had a short period of deflation when M3 declined from the previous year`s level. This 1992 period is significant, because it marks the blowup in the exchange-rate mechanism. But the Volcker-Greenspan policies became so painful to European countries, Italy and Great Britain specifically, that they chose to break from the exchange-rate mechanism and pursue their own course. That was a message for reinflation in the `Nineties and we`ve had massive growth in M3 since then. The early part of this reinflation led to the 1993-1994 bull market in gold and gold stocks. And the reinflation has continued.

Now we`re headed to the next stage, which isn`t supply-driven, but rather a demand-driven issue. When you talk about inflation or deflation, you`re talking about the quantity of dollars and therefore the supply of dollars. Yet we need to focus on demand for dollars rather than the supply of dollars, because we assume demand remains constant though it doesn`t work that way in the real world. The demand for the Argentine peso disappeared overnight. I am not saying that`s going to happen with the dollar, but the dollar nevertheless has fallen in the foreign-exchange markets, which suggests that the Fed isn`t contracting the growth of M3 fast enough to maintain the dollar`s strength relative to other currencies of the world.

Q: So are we heading into a deflationary period?
A: I don`t think so. I wouldn`t call it inflationary; I wouldn`t call it deflationary. We will see rising prices, not because of the dramatic increase in supply of dollars, but because of dramatic decreases in demand for dollars. The supply of dollars may remain the same, but if demand declines, the dollar purchases less, which expressed in terms of prices means that prices will be rising.

Q: Talk about China`s role in the gold dynamic.
A: The Chinese impact on gold will be extremely profound. The Chinese-language character for gold is the same as the one for money. As far as the Chinese are concerned, gold is money. The Chinese central bank reported an increase in their gold holdings to the International Monetary Fund last year. But the number is still small, about 500 tons compared with 395 previously reported. The general market view, though, is that the Chinese central bank has been accumulating gold and not reporting all their holdings to the IMF.

Q: Somebody must be selling it to them.
A: Now you are getting into the whole issue of who is selling the gold and who is shorting gold. There is a point of view that, in addition to some mining companies, banks and other financial institutions have been borrowing gold to fund dollar assets and earn a spread similar to that of the yen carry trade of a few years ago. People were borrowing yen at 0.5% to fund dollar assets and making 5% on the spread until the yen started to appreciate. Now, gold is being borrowed from the central banks and sold into the market in exchange for dollars. That`s fine in a declining gold-price environment, but in a rising gold environment it can kill you. We know the central banks loan the gold, but it`s unclear which ones are doing it and how much they are loaning out.

There is evidence to suggest the Exchange Stabilization Fund, a quasi-government agency under the direct control of the U.S. Treasury secretary and the president, has been active in the gold market. If the gold price were to rise, the multinational banks who are the big shorts in the gold market wouldn`t be able to cover their shorts and would take big hits. That`s why the ESF is involved to help manage the price of gold. It isn`t unprecedented that gold is loaned or flows into the market. What`s unprecedented is the lack of disclosure. My sense of it is that there`s more than 10,000 tons loaned into the market by central banks. If that`s true, that`s four times annual production. Can you imagine if people were short four times wheat production in one year? There is systemic risk here.

Q: Are you recommending people buy gold bullion, or should they buy gold stocks?
A: People make a mistake thinking bullion is an investment. Mining stocks fall into the investment category, but bullion is cash. It isn`t an investment. You buy bullion for liquidity purposes. You buy bullion for safety purposes, because there is no return to bullion unless you lend it out. It`s clear, though, that people see gold as an increasingly important component of their cash and liquidity holdings.


According to Turk, "People make a mistake thinking bullion is an investment. Mining stocks fall into the stock category, but bullion is cash. It isn`t an investment."


Q: What about gold stocks?
A: There are two models that I like to use. The XAU, which is the Philadelphia Gold & Silver Index, is a basket of about nine different mining stocks, including the majors and some good quality second-tier stocks as well. Tracking the 12-month year-over-year change in the XAU provides a good sell signal if it registers 50% growth over the previous year, regardless of the price of the XAU. Conversely, when the XAU declines 25% to 30% from the previous year, it`s typically a good buy signal in terms of relative appreciation.

Another model I find useful is one that quantifies how many gold grams are needed to purchase one XAU share. For example, the XAU now trades at about 72. A gram of gold is about $10. By dividing the gram price into the XAU price, we see it takes about seven grams of gold to purchase one XAU. This is significant, because historically the gold-mining stocks have been relatively inexpensive and represented good buys at times when it takes about six grams to buy an XAU share. When it takes 10 or more grams to purchase one XAU, the mining stocks tend to be relatively expensive. Even though six months ago we had a breakout from the six-year downtrend in gold stocks, we`ve retraced and we`re close to a buying opportunity where gold stocks look cheap compared with gold bullion.

Q: But what about the fundamentals of gold stocks? Don`t you have to look at hedging and what it costs to get the gold out of the ground, rather than just gold`s price?
A: There are a number of measures to use to evaluate gold stocks. The first one to consider is whether a company has hedged future production. That`s the great divide. I recommend gold-mining stocks that don`t hedge or have minimal hedged positions, because if the gold price rises, the stocks that are hedged are giving up potential cash flow by being forced to deliver into those hedges below the market price. There are a number of companies that have losses on their hedges simply because the gold price has risen beyond the price at which they sold forward.

Q: What else do you consider before buying a gold-mining stock?
A: The second consideration is the cost of production -- not just the operating cost, but the total cost basis to get the gold out of the ground. In this regard, there are two types of mines: underground mines, with deep shafts that enable the ore to be mined, and open-pit mines from which the gold is dug out. Generally speaking, the underground mines have a high capital cost, and the open-pit mines have a relatively lower capital cost but higher operating costs.

Say a mine has a total production cost of $280 an ounce, and the price of gold is $300 an ounce. It makes $20 per ounce. Say another mine has a total production cost of $100, gold is at $300 and so it makes a profit of $200. If the gold price were to rise to $320 from $300, the mine that has a $280 total cost is doubling its profit from $20 to $40 per ounce, whereas the one that has a $100 cost is only increasing its profit by 10%. The company with the higher total production cost is operating on the margin, and any increase in the gold price has a much more immediate impact on the bottom line than it would for the low-cost operators. In a bull market, the marginal stocks will tend to outperform. There`s more risk associated with them, but as the gold price rises there`s more potential as well. It always comes back to risk versus return. The nonmarginal low-cost producers won`t have as much appreciation, perhaps, but they will go up as well.

Table: Turk`s Picks

Company Symbol Recent Price
Harmony Gold Mining HGMCY $15.53
Durban Deep DROOY 4.09
AngloGold AU 24.48
Goldcorp GG 10.90
Newmont Mining NEM 29.22
Glamis Gold GLG 9.73
Agnico-Eagle Mines AEM 15.58
Iamgold IMGDF 3.70

Pans
Newcrest Mining NCMGF $3.75
Sons of Gwalia SOGAF 2.42


Q: What are other factors to consider?
A: No. 1 is management and the quality of the balance sheet, but you also have to look at the quality of the mine, the life of the mine and political risks.

Q: So it wouldn`t be wise to just buy a basket of gold stocks to play a rise in the price of gold?
A: I wouldn`t recommend it. I would recommend that you pick and choose very carefully companies that aren`t hedged, whose managements have a demonstrated record of success and the potential for paying dividends down the road. As the gold price goes up, the mine has two options: It can take the excess cash flow and expand its business to other areas and buy more mines, or it can pay a dividend to their shareholders over the life of the mine. Some of these are very long-lived mines.

Q: Which companies are you recommending?
A: In South Africa, my favorite is Harmony Gold Mining. This is a company that changed the face of mining in South Africa. Under the old system, mining houses would operate a series of mines and they would collect a fee for doing that. That system broke down. Harmony emerged as a great management team with some very good properties, and they built up one of the world`s biggest mining companies. It`s got a relatively high cost structure, so it`s leveraged to the gold price. Durban Deep is a more speculative turnaround story that is also highly leveraged to the gold price. It was a marginal mine and there was a lot of uncertainty about its future. They put a good management team in place with Mark Wellesley-Wood, the new chief executive, but I wanted him to put together two good quarters before I recommended the stock. He did that in the second and third quarter last year.

Q: Anything more recent?
A: In the last couple of months, I recommended adding AngloGold. Anglo-Gold is the largest South African mining company and it`s the second-largest gold producer in the world. It`s been aggressively reducing its hedge book. And it`s a good dividend payer. Plus, they have a lot of geographical diversification.

Q: What are you looking at in North America?
A: The premier stock is Goldcorp. It`s a wonderful situation. They are mining the world`s richest gold mine in Canada in an area that`s been a major producing area for 70 years. Their existing mine has many years to go. They have a good management team and one of the best balance sheets and cash-flow positions in the mining industry. It has shown tremendous price appreciation over the past 10 years and it`s outperformed the S&P 500. It has been a growth stock because they discovered a new deposit next to an old mine that is now the world`s richest gold mine. They`re raking it in. To put it into perspective, they`re mining gold with a grade of more than two ounces per ton. Many mines can make money on gold with a grade of a fifth or less of an ounce per ton. It`s a tremendous company, and even though it`s done extremely well, there`s still a significant opportunity. They pay a dividend and I expect the dividend will continue not only to be secure but will increase along with the price of gold. They just announced a dividend increase of 20% Wednesday. It`s a real Cinderella story.

Q: What else do you like?
A: Newmont Mining I like. It`s got a hedge position bigger than I would like to see. The hedge came from Normandy Mining in the three-way merger of Franco-Nevada, Normandy and Newmont. Management has indicated they wanted to reduce the hedge position. However, they`ve been very slow in going about it. For now I am willing to live with the situation because management owns a big chunk of shares and I like that commitment. Newmont is the world`s biggest producer. They`ve got some great mines and good geographical diversification. The balance sheet is much improved after the merger and they have the tactical brilliance of President Pierre Lassonde on their side, which to my mind goes a long way.

Q: Any other more recent buys?
A: I`ve just added a few more to my buy list, one U.S. company and two Canadian companies. The U.S. company is Glamis Gold. They are very good operators. They`re nonhedged and they`ve just acquired a couple of Central American properties. One of the two Canadian companies is Agnico-Eagle Mines, which trades on the New York Stock Exchange. They have no hedging policy on precious metals, though they hedge some base metals and run an underground mine in Canada. The other one is Iamgold. It jointly owns two mines in Mali with AngloGold, which is the operator. And both Mali properties are world-class. Iamgold gets a share of the revenue as an owner and Anglo gets a share for owning and operating. Iamgold is a cash cow, and because it`s completely unhedged, it`s a very, very attractive way to benefit from a rising gold-price environment.

Q: What don`t you like?
A: I don`t recommend any Australian stocks now, simply because their hedge positions are underwater. Newcrest Mining is one pan; its hedge book is negative US$440 million. But my top pan is Australia`s Sons of Gwalia. It has a US$340 million unrealized loss on its hedge book and is relatively more hedged than Newcrest, and its properties aren`t as good.

Q: Are they at risk of bankruptcy?
A: There are two points of view. Some will argue that they don`t risk bankruptcy because eventually they`re going to produce the gold. In theory, that`s true, as long as there`s no operating problems. But they may receive pressure from the banks because the banks don`t want the companies to carry these huge unrealized loss positions in the event of a disruption in the production of the gold. In 1999, when gold rallied, we saw two mining companies -- Ashanti and Cambior -- go bankrupt in everything but name. Their hedged positions killed them. They were selling aggressively on the way down and got caught when gold rose to more than $300 an ounce. Now the question is: Who will be caught at $350 an ounce?

Q: Thanks, James.

[peter.wedemeier1]

David Marantette Recommends the Following Stocks: GLG, GG and GFI
Wednesday September 11, 6:00 am ET


CHICAGO, Sept. 11 /PRNewswire/ -- Unless you plan on staking a claim in Alaska, the gold sector may be a viable alternative. But it can be a complex segment to explore, so David Marantette is here to help clear up confusion and give gold investors the best chance to discover profit. http://www.featuredexpert2.zacks.com .

Here are the highlights from the Featured Expert column:

Even if we are in a bear market in the stock market or in gold stocks, there are moves to the upside. Some of these bounces up, inside the bear, can be very profitable if executed correctly. At the end of July, the weekly cycles and the daily cycles had all converged into a sharp price bottom from the May top, which Marantette called, almost to the hour.

Notice the daily readings for these companies are all above 90, in the sell area.

Glamis Gold, Ltd. (NYSE: GLG) explores, develops and extracts precious metals in several locations, but especially in California, Nevada, Honduras, San Luis Potosi in Mexico, Guatemala, Panama and El Salvador. Its operations are conducted through its wholly owned subsidiary, Glamis Gold, Inc. This week`s low was 9.21.

Goldcorp, Inc. (NYSE: GG) is a gold producer that owns one of the highest- grade gold deposits in the world. There`s an Entropy rise on GG. Any move below this week`s price lows will be another signal to get out. This week`s low was 10.34.

Gold Fields, Ltd. (NYSE: GFI) is an independent precious metals company that conducts operations through exploration and mining. It produces about 4.7 million ounces of gold annually. There`s an Entropy rise on GFI. The weekly readings are all above 50. This week`s low was 11.85.

[peter.wedemeier1]

Gold execs make bold bullion bets

Thom Calandra
CBS.MarketWatch
Sep 23, 2002 12:30PM ET

NEW YORK (CBS.MW) - Executives from some of the world`s most successful gold companies say they expect further gains for the metal.



http://www.321gold.com/editorials/calandra/calandra092302.ht…

[peter.wedemeier1]

Gerade warten darauf das die USA mit dem Irak in den Krieg eintritt? Mal sehen wo der Kurs bei Kriegsanfang steht. Die Leute werden in bei diesem Gesamtmarkt (DOW JOnes, DAX, Euro Stoxx, Nasdaq und Nemax)absolut frei von Ihren Aktien. Mal sehen wie lange es noch dauert, bis wir endlich mal einen richtigen Crash bei diesem Gesamtmarkt sehen, d.h. Verluste in den Indizes von über 10%/Tag. Und möglichst mehrere Tage hintereinander. Niemand verkauft sein Gold, weil das Gold steigen wird! Die Anleger suchen den "safe haven" und dieser ist einer!

peter.wedemeieer1

[peter.wedemeier1]

Long Position geschlossen.

peter.wedemeier1

[Gringo1]

Warum ?

Schwerer Fehler ...

[peter.wedemeier1]

Gewinnmitnahme.

[peter.wedemeier1]

Long Position eröffnet.

peter.wedemeier1

[Insiderin007]

Auf und zu.. Auf und zu... Wie bei einer Hose !

[optim3]

hin und her macht konto leer!

[peter.wedemeier1]

Was sonst? Gold ist der einzigste Markt, der positiv aussieht. Die Gold Futures sind heruntergekommen auf eine kurzfristige Unterstützung und die Stochastics haben sich zurückgezogen auf ungefähr 50.

peter.wedemeier1

[peter.wedemeier1]

Sollte bald drehen! Unterstützung = $9,50.

peter.wedemeier1

[peter.wedemeier1]

The 5 Keys to a Long Term Bull Market in Gold on www.financialsense.com

A. The US Current Account must be in a deficit position and growing. Yes, this is a present condition and shows no fundamental signs of reversing for a significant time. This is the account that measures the amount of US dollars in the hands of non-US entities. It is usually invested primarily in US Federal Debt instruments.

B. An intact negative trend in the US Dollar overall must exist. It should have the characteristics of a bear market. This is in fact true for the US Dollar today. We have a classic long-term top called a Head & Shoulders formation, which was subsequently confirmed by price and volume action. Even dollar bulls now are looking only for the dollar to stabilize at lower levels. This criterion is in place for a long-term bull market in gold.

C. The general commodity market is showing in many ways, both fundamentally and technically, that it is in a base formation from which one can expect higher prices. We shall discuss the technical characteristics further to sustain that this ingredient has begun to support gold long term.

D. Trust in paper assets must be waning for gold to assume an investment role internationally. We see the recent decision against Andersen, the comments on GE & IBM accounting practices and Enron as examples of causative items, which have turned investors away from the absolute belief, in existence from 1980 until now, that paper assets were storehouses of value. We believe this ingredient is in favor of gold`s long-term bull market.

E. The momentum in the appreciation of the bond market must be decelerating. We see this ingredient as becoming positive now to a long-term bull market in gold.

[peter.wedemeier1]

Sinclair:Why Gold Cartel will Fail

JP Morgan/Chase appears to be the main member by accident or by intention of the Gold Dealers short seller`s club.

JPM (NYSE Symbol for JP Morgan/Chase) has received, in our opinion, from Central Banks, lease agreements, whereby they are able to receive physical bullion from the central bank paying now 3/4 of 1% per annum. JPM and/or their clients are free to use or sell this gold in any manner they want. JPM themselves or on behalf of their clients appear to have used it to sell violently at key technical points. $312.50 to $314.80 (today) -$315 & $329.50-$330, thereby depressing the gold price.

Recently, Moody`s Credit Rating Service downgraded JP Morgan/Chase`s credit rating. Following that, Standard & Poor`s Credit Service downgraded JP Morgan/Chase`s credit standing based on specific derivative positions.

The actual figure of derivative positions on the book of JP Morgan/Chase can be found registered at the office of the Controller of the US Currency. The Controller of the US Currency reports to the IMF which shares its data with the BIS.

Therefore, the positions carried by JP Morgan/Chase is public, but the public has no real idea on how to find it (or what it means).

The total of all derivatives on the books of JP Morgan/Chase on all underlying assets is $24 Trillion US dollars. Yes, 24 Trillion.

The size of the Gold Derivatives on JP Morgan/Chase`s books is $46,000,000,000 - $60,000,000,000, depending on valuation methods. Yes, $46 to $60 Billion.

All gold derivative dealers use "Risk Control Software" to manage their gold positions. This program maintains the risk of the gold derivative to the dealer according to the risk percentage that is decided upon by the trading management at the inception of the transactions.

All the gold derivatives on the books of JP Morgan/Chase are short spreads. That means short of gold. If they were not short spreads, then JP Morgan/Chase would be extraordinarily pleased by the rise in the gold price and publicly bullish in their reports (which they are not).

The size of the total international position of short spread gold derivatives is US Dollars $300,000,000,000 according to IMF and BIS reports. If you convert $300,000,000,000 into ounces of gold at the present gold price, it equates to 900,000,000 ounces.

As gold hit $305, it triggered the logic of the "Risk Control Programs" to buy gold to maintain the risk exposure of the gold derivative short spreads for the gold dealers cabal/cartel of which J.P. Morgan/Chase is, in our opinion, a major player, if not the main player. As gold, with the help of the cartel, dropped from the high $320s, "Risk Control Programs" triggered selling of gold for the same reason. At $302-$305 "Risk control Programs" returned to neutral. Now you can understand the action of the gold market clearly.

If Gold closes above $330, the "Risk Control Programs" will start to demand that for each ounce of gold sold short in the short gold spreads, the dealers must own long approximately .623 ounces of gold.

At a close at/or above $354, the gold dealers cabal/cartel`s "Risk Control Programs" will call for approximately .986 ounces of gold long for each ounce short on the gold derivative short spreads.

.986 ounces is practically one to one - one ounce short to one ounce long required to maintain solvency by "Risk Control Programs" at $354 gold.

If you equate the demand to the number of ounces of gold that would be created by a close at or above $354 by the "Risk Control Program" used by all commercial banks, gold banks and gold dealers in the gold derivative business, the number comes out to slightly above 886,325,000 ounces of gold. That number exceeds all the gold that all the central banks on the planet have in their possession including all the gold they have leased and not accounted for. Therefore, at $354, gold will have to go ballistic in price &/or the greatest bankruptcy in history will occur for the gold derivative dealers.

It is not the gold derivative position that worries the major investment banks that are the parents of the subsidiaries which are the exposed gold dealers. It is not the $46 billion to $60 billion in gold derivatives on the books of JP Morgan/Chase that worries them. It is the effect of an explosion in the gold derivatives on the balance of the US Dollar 23.7 Trillion in other derivatives on the books of JP Morgan that worries JP Morgan/Chase, IMO.

This is why JP Morgan/Chase and their other gold dealer cartel members are stopping gold at $312.50 to $314.80 today (as this is written) with the help, IMO, of central banks.

Such a manipulation to prevent the gold market from rising above $354 will fail because history tells us that no manipulation ever attempted has stopped a primary, fundamentally-driven bull or bear market in anything.

The two greatest traders that ever lived, (both expired), Bertram J. Seligman and Jesse Livermore taught that a successful manipulation must always be in the direction that the market wants to take -- fundamentally and technically. Any other manipulation not only fails, a manipulation against the fundamental and technical desire of a market will also create a coiled market that goes further in the direction of its intention than it would have gone in the first place. Therefore, the result of the attempt by the gold cartel to hold the market down will be to propel it higher than it would have gone earlier.

To complicate the problem, most gold derivatives outstanding today are as follows:

Non-transparent.

Unregulated.

Unlisted.

Not clearinghouse funded.

Not market priced.

Generally non-transferable as many are specific performance contractual obligations.

Without standard so that closing can`t be made at will.

Totally dependent on the balance sheet of the granting entity.

Granting gold bank entities generally non-guaranteed as to trade debt, subsidiaries of international investment and commercial banks holding companies.

Now totaling $300,000,000 notional value internationally.

Approximately 89% of these transaction have been done with entities that have nothing to do with the mining industry as counter party to the gold bank derivative dealer.

[peter.wedemeier1]

Saddam`s inner circle is defecting, say Iraqi exiles
By Anton La Guardia, Diplomatic Editor
(Filed: 07/10/2002)


http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2002/10…

[peter.wedemeier1]

Swiss National Bank to sell 283 tonne gold by Sept `03

TIMES NEWS NETWORK [ FRIDAY, SEPTEMBER 27, 2002 04:36:32 AM]

ZURICH: The Swiss National Bank (SNB) plans to sell a further 283 tonnes of gold by the end of September 2003 under its plan to dispose of 1,300 tonnes of unneeded reserves, the central bank said today.


The bank said it had already sold some 603 tonnes since May 2000, raking in a little over 9.1 billion Swiss francs ($6.1 billion). It added gold would continue to be sold in regular transactions with current customers.


The SNB is selling gold it no longer needs for monetary reserves and has benefited from a bullish bullion market, selling the precious metal at prices above the gold market reference rate, the bank said.


It said in June the average price of the gold sold — at a rate of roughly one tonne per day — since May 2000 was $279.40 per ounce, or 15,140 Swiss francs per kg. It then said the market value of the remaining unsold gold, plus revenues from gold sold, was 21 billion francs at end-May.


Gold has seen a bull run mainly due to cutbacks in mining firms’ price hedging operations and a boost in private demand.


Investors have shifted into gold amid unclear economic trends, concern over individual firms’ financial health, rising geopolitical tensions after the September 11 attacks last year.


The gold sales by SNB fall within the framework of a September 1999 accord between 15 central banks, limiting gold sales to 2,000 tonnes until September 2004.


The Swiss government has yet to devise a widely acceptable plan for utilising the windfall proceeds from the gold sales after Swiss voters on Sunday failed to back plans to use the cash pile for the needy at home or abroad.

[peter.wedemeier1]

[peter.wedemeier1]

Die Gewinne ($$$) werden in ca. 20 Tagen veröffentlicht. Goldcorp verliert kein Geld und hat keine Schulden.

peter.wedemeier1

[peter.wedemeier1]

Tuesday, October 8, 2002

http://www.financialsense.com/Market/daily/tuesday.htm

[peter.wedemeier1]

>`Four digit gold price in 5-10 years` - Hathaway

By: Tim Wood


Posted: 2002/10/01 Tue 17:00 ZE2 | © Miningweb 1997-2002

http://www.mips1.net/mgdg2.nsf/Current/85256C3A0051804C42256…

[peter.wedemeier1]

[peter.wedemeier1]

Goldcorp wird nicht lange hier unten bleiben!
Ich würde es lieben, wenn GG tiefer gehen würde, dann würde ich nämlich wesentlich mehr kaufen, aber GG wird nicht tiefer fallen. Goldcorp ist ein Unternehmen mit sehr guten Profitmargen und exzellenten Gewinnen und wird deshalb nach oben gehen und nicht nach unten. Goldcorp hat eine von den besten Margen in seiner Industrie und Null Hedging! Diese Goldmine: $65,-/oz! Welches andere Unternehmen hat noch eine solche Gewinnmarge? - Microsoft mit Sicherheit nicht !

peter.wedemeier1

[peter.wedemeier1]

Jim Puplava

www.financialsense.com/Market/daily/wednesday.htm
...<<This lack of confidence and risk in the financial markets explains much of gold bullion`s strength. The latest sell off in shares of gold and silver companies is another leg of a wider sell off by weak hands into stronger hands. A lot of the share accumulation of precious metals stocks over the last few quarters has come from the day-trading crowd looking for a way to make a fast buck. They neither understand nor comprehend that they are dealing with a precious commodity that is returning to its historical role as money. Those in the know, and who have strong financial hands are accumulating at the expense of the ignorant and ill-informed. They will be back in the metals after they explode. Several key silver stocks are looking to break out as option spreads and short positions are unwound. The metals markets are a lot like a volcano. You never know when they are going to erupt. But when they do, it will be similar to the eruption of Mt. St. Helens. Gold and silver are commodities that are in short supply, with growing investment demand, and limited options for investment. When they take off, their rise will be parabolic -- not gradual. The residents below aren’t aware that the volcano is rumbling. Short-sellers, take care.>>...

[peter.wedemeier1]

Reuters Business Report
Cohen Cuts Targets on the S&P 500 and Dow
Wednesday October 9, 8:19 am ET


NEW YORK (Reuters) - Goldman Sachs strategist Abby Joseph Cohen on Wednesday cut her targets for the Standard & Poor`s 500 index and the Dow Jones industrial average (CBOT:^DJI - News) but said stocks are undervalued at current levels.


Cohen cut her 12- to 18-month target on the S&P 500 to 1150 from 1300 and on the Dow to 10,800 from 11,300.

"Yesterday`s rise in U.S. stock prices was a step in the right direction," Cohen said in a note to clients. "Stocks are undervalued based on our dividend discount model (DDM), which considers several fundamental factors and expectations about investor risk tolerance."

But though she said Goldman assumed that the equity risk premium demanded by investors would be above the historical average after the Sept. 11 attacks on the United States, they "did not anticipate the current extreme reading which is near the highs of the past three decades."

Recognizing the difficulty in restoring investor confidence, Cohen said in the note, Goldman is raising the required investor risk aversion in its model to near the 75th percentile, which leads to lower calculated fair-value levels.
http://biz.yahoo.com/rb/021009/markets_goldman_5.html

[Guru-Schreck]

Wenn die Rally über mehrere Wochen oder Monate gehen sollte, wird der Goldpreis
schneller unter 300 sein wie manch einer gucken kann.
Außerdem sieht es nach einem Doppeltop im Goldpreis aus, so
dass kurzfristig kein Blumentopf zu gewinnen ist.

[peter.wedemeier1]

Fügt diese Goldmine wieder in euer Depot hinzu. HUI könnte eventuell fallen zurück auf 90, um eine lange A-B-C-Korrektur Formation zu komplettieren. Danach aber, könnt Ihr beobachten wie sich diese Mine verdreifacht in Ihrem Kurs! Setzt keinen Stopp-Loss!!!

peter.wedemeier1

[peter.wedemeier1]

@Guru-Schreck:
glg hater

......"The whole gold rise this past year had nothing to do with reality".

And what planet are you living on? Japan is down to 8400 (was 40,000). German banks and our banks are on the verge of collapse. Argentina and Brazil are tapioca. 401kers are scared shitless. Corporations aren`t spending. Greepspan has the paper money machine in high gear. Lucent lays of 10,000 more. JP Morgan is in the toilet and lays off another 4,000.

AND YOU have the collosal gaul to to say gold is not going anywhere. What a shallow joke you are because you truly do not know what you are talking about.

Prediction:

Dow 5000
s&p 350

time span 2 years.

Study the crash of 1929 because you are reliving it! Newmont went from $ 50 to $ 500 a share. Some people never learn from history!

[peter.wedemeier1]

Mark Leiboveit sagt kaufen! Mark Leiboveit gab GG ein Kauf Rating bei seinem Nightly Business Report am 11.10.2002. Gehe zu http://www.nightlybusiness.org/ für seine Vorhersagen bei den Goldaktien.

peter.wedemeier1

[peter.wedemeier1]

Technische Indikatoren drehen wieder zurück nach oben. (Long Empfehlung)

Diese Goldmine betreibt die Red Lake Mine in Ontario und die Wharf Mine in South Dakota. Goldcorp`s Minen produzieren mehr als 600,000 oz von Gold jährlich und hat Reserven von über 4.3 Millionen oz. Gold, verkauft als Barren, zählen für 80% vom Umsatz. Das Unternehmen bekam eine neue Lebenslizenz nachdem staatliche Authoritäten in South Dakota erweiterte Operationen bei Ihrer Wharf Mine genehmigten. Goldcorp stellt auch Sodium Sulfate in Saskatchewan,in Kanada her. Sodium Sulfate sind ein industrielles Mineral welches benutzt wird bei der Hertellung von Detergenzien, Papier, Glas, Textilien, und Deodorizer. Chairman und CEO Robert McEwen besitzt 7% von Goldcorp. Keine Schulden. Umsatz gestiegen 20%. Profit Marge 33%.

[Guru-Schreck]

[peter.wedemeier1]

@Guru-Schreck, du GG Hater! bevor du postest solltest du denken!

Gold Stock Intermediate Downtrend is Over - The bottom is in!

By: Clive Maund, Diploma Technical Analysis




The technical indications are that the intermediate downtrend in gold and gold stocks has run its course. Look first at the Gold December contract chart, shown above, where we see the price contacting the lower trendline of a clear uptrend channel, a classic buy spot. Look next at the chart for the HUI goldBUGS index, shown below, where we see the index putting in a reversal day last Thursday bang on the 200-day moving average, which is, incidentally, where the July rout ended. This was followed by an impressive rise by this index and many gold stocks on Friday – despite the general stockmarket roaring ahead! Many gold stocks staged impressive moves on Friday and now look well placed for substantial advances in the coming weeks.



Gold December, last $317.20 on 12 Oct 2002
By Clive Maund, Diploma Technical Analysis, no responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.
Kaufbeuren, Germany, 12 Oct 2002

[peter.wedemeier1]

Die gleitenden Durchschnitte bilden eine sehr schöne Unterstützung!

[Guru-Schreck]

http://www.elliott-waves.com

[peter.wedemeier1]

@Guru-Schreck
Du Precious Metals Hasser. Du Basher. Kauf dir doch deine Scheiß Aktien von deinem Scheiß breiten Markt und laß uns Goldbugs doch in Ruhe!

Am Freitag war der Boden, ab jetzt gehen die Precious Metals Metalle nach oben. Wahrscheinlich werden wir bei den Minen in dieser Woche eine Rallye sehen.

[peter.wedemeier1]

As open interest declined by about 7300 during the reporting period, long speculative interests were sellers to almost exactly that same amount, as commercials were ardent buyers. And, please notice that these statistics above DO NOT include the last three days of the week, when prices declined, and it is virtually certain that long specs shed a good deal more of their position while commercials were buyers. This is one of the most classic bullish signals that you can obtain from the COT reports. However, since the gold market now depends greatly upon the fortunes of the global equity markets, the news emerging about Iraq, and the value of the USD in foreign exchange markets, it would be foolhardy to take such a signal as an outright, no hands barred, buying signal. Lets just call it positive, as this market is perhaps "off-the-boil", and is no longer strongly threatened by overly optimistic speculators. The weak hands have now sold, and the future price movements depend upon the psychological makeup of the remaining speculators, a difficult condition to predict.

[Guru-Schreck]

@peter.wedemeier1

Genauso wie du damals die Hightechs (ORCL, NVDA, ...) ohne das Zulassen
von Kritik in den Himmel gelobt hast, machst du es jetzt mit deinen Goldaktien.
Man sollte immer darauf gefasst sein, das etwas nicht eintritt, auch wenn es
auf den ersten Blick noch so plausibel erscheint.


Ohne Stoppkurs würde ich hier keinem raten in Goldaktien zu gehen, wie es
Peter vorschlägt. Mit solchen Aussagen disqualifiziert er sich nur selbst.

[peter.wedemeier1]

Mehr Gold! Der gesamte Sektor bildet hier einen Boden aus. Die Stochastic steigt aus Überverkauft nach oben!

[peter.wedemeier1]

Der Goldspot Preis sollte nun sehr stark steigen können, nachdem die Unterstützung vom Haupttrend bei $308,- gestern gehalten hat. Und mit dem steigenden Goldpreis sollten auch die Minen steigen. Beobachtet nun, wie der breite Markt DAX, DOW JONES, Nasdaq und Nemax sich nun aufmacht um neue historische und "dramatische" Tiefs zu setzen. Nachdem alle wie schwachsinnige (Konjunktur und Weltwirtschaft geht nach unten und die Aktien nach oben, LOL! Aktien gekauft und damit eine Sucker Rallye hingelegt haben. Neue "dramtische" und historische Tiefs wird es alleine schon aus Enttäuschung geben und das nun noch mehr Anleger endgültig die Nase voll vom Aktienmarkt haben. LOL.

peter.wedemeier1

p.s.: Goldcorp ist ein großartiges Unternehmen mit sehr guten Gewinnen!

[peter.wedemeier1]

Der Goldsektor befindet sich in einem primären Aufwärtstrend und GG ist eine von den stärksten Minen. Gold & Silber werden die Rolle von Geld weltweit übernehmen. Deshalb wird Gold & Silber davon profitieren. Die Papierwährungen (vor allem der Dollar) werden dazu im Gegensatz diese Rolle verlieren.

[Guru-Schreck]

Leider ist das Doppeltop bei GoldCorp aber nicht zu übersehen.
Bevor nicht kurzfristig neue Höchstkurse erreicht werden, bleibt
das Verkaufssignal intakt.

[juxifuxi]

@ Peter W.

Die Sache mit dem Geld und Gold und Silber glaubst Du doch hoffentlich nicht ernstlich ?

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

X. Congress “Mut zur Ethik” (Courage to Take a Moral Stance)

Humanitarianism at the Crossroads

Congress in Feldkirch (Austria), August 30 – September 1, 2002



Why Gold-Backed Currencies Help Prevent Wars


Lecture by Ferdinand Lips, Zürich

(translated from German)

http://www.gold-eagle.com/editorials_02/parks101402.html

[peter.wedemeier1]

In Business Week Online Oct.16:
Q: Do some industries look attractive?
A: We think there are opportunities in the energy industry. Natural-gas supplies are tight, so all we need is a normal winter, and you`ll see high gas prices. I also think we`re in the early stages of a bull market in gold. There was a 20-year bear market in gold, so production has fallen below demand. The only thing keeping gold prices down is gold sales by European central banks. If you excluded these sales and looked at pure supply and demand, the true price of gold would probably be around $400. Today, it`s selling at $324.

We own one gold stock -- Goldcorp (GG ), which is up about 90% this year. A Canadian company, it was the only one we could find with limited geopolitical risk.

[peter.wedemeier1]

COMEX gold ends week firmer as stock rally cools Fri 10/18/2002 15:56 EDT

http://www.kitco.com/_a/news/33715.htm

[peter.wedemeier1]

Tenet: Al-Qaida Set to Strike Again

By John J. Lumpkin
Associated Press Writer
Thursday, October 17, 2002; 6:36 PM

http://www.washingtonpost.com/wp-dyn/articles/A42606-2002Oct…

[peter.wedemeier1]

To: TA Students
From: Jim Sinclair
Date: 10/18/2002
RE: Fibonacci Retrenchments -- Support & Resistance


http://www.financialsense.com/metals/sinclair/tech/lessons/1…




GG Goldcorp
This situation still remains one of the most resistant to the decline. Note the Fibonacci support line slightly under $9.50 that has held GG for four days on the lows. Because of this, there is a small up trend line forming at these lows. The down trend line is the primary indicator here. You can draw your own power down trend line on this one and fax it to me as an exercise at [phone] over the weekend. A break above your PDT with a positive cross over on the MACD 3-6-7 plus a move above the last little negative high on Momentum 14 and this one is head to challenge and probably take out the DT.

[BBBio]

(Ei, das sieht nicht gut aus für Goldcorp.
Bitte ignorieren, das Posting dient nur dazu, dass sich der Thread in meine Thread-Watchlist hängt.)

[peter.wedemeier1]

From The Chart Room
Breakout For Royal Gold?
Ben Berentson, 09.11.02, 11:58 AM ET

One of the most well-known chart patterns is the "cup and handle." It was first devised by William O`Neil as one of his three primary patterns to trade on. To make a cup and handle, the stock typically dips in price, enters into a base where it trades up and down for a period, moves up on high volume, pauses (forming the handle) and then breaks out to new highs on high volume.

Dan Zanger, editor of Chartpattern.com, has found an excellent example of a cup and handle in Royal Gold (nasdaq: RGLD - news - people ), a Denver-based gold company. It does not own any mines but collects royalties from properties owned by gold companies like Placer Dome (nyse: PDG - news - people ) and AngloGold (nyse: AU - news - people ). It currently is trading around $16.50.

The chart pattern begins at "A," when the stock begins to fall. It then falls into a long base ("B") and then rises again on heavy volume ("C"). The small handle is created with sideways movement at "D." The stock then broke out on quadruple its normal volume.

Zanger likes this pattern specifically because of its long, three-month base. O`Neil wrote in his 24 Essential Lessons for Investment Success that legitimate cup-and-handle formations must last at least seven weeks. Zanger thinks that after a brief pause the stock could rise to $23-$25 in the next six or seven weeks on the strength of the pattern.



http://www.forbes.com/2002/09/11/0911chartroom.html?partner=…

[peter.wedemeier1]

PETER BRIMELOW

Stocks and gold: Divergent, for now

By Peter Brimelow, CBS.MarketWatch.com
Last Update: 12:10 AM ET Oct. 22, 2002




NEW YORK (CBS.MW) -- Stock market up, gold down?




http://www.marketwatch.com/news/yhoo/story.asp?guid=%7B5F493…

Perhaps significantly, the gold timing investment letters followed by the Hulbert Financial Digest have been quick to turn pessimistic. Their average exposure is now -13.46%, i.e. they`re net short.

Similarly, in their Aden Report, the Aden sisters anticipated the recent drop, saying $315 was the critical level:
"Gold is weak short-term the longer it stays below $315. Below $312 means it could go to $305, yet still be firm in the big picture...XAU is weak below 64, but it has strong support at 56. It`ll now start to stabilize if it stays above 60. We haven`t been giving stops on our gold shares because of the oversold situation. Keep your positions and buy new ones during current weakness "

[peter.wedemeier1]

Systemic Fiat Currency Risk & John Exter`s Golden Triangle

By Jay Taylor
Oct 18, 2002





Ominous Pension Fund Problems

http://www.kitco.com/ind/Taylor/oct182002.html

Gold Protects Against Deflation as well as Inflation

Aside form the pension problem, corporate earnings for American firms remain disappointing, and Japan is sinking deeper into a depression, just as Ian Gordon had predicted in our 1999 interview and subsequent updates. And, the U.S. economy is still being sacrificed on the strong dollar alter of Wall Street in a losing attempt to try to perpetuate the lies and fantasies the late 1990`s Wall Street orgy. But those days are over so you must protect yourself against plunging income during the deflationary Kondratieff. If you are in a building that is on fire, you get out of there as soon as you see the fire cannot be contained. It is clear to me the deflationary pressures of the Kondratieff winter are becoming every more severe which means there will be no escape for people who remain in the fiat money system. The only way to protect yourself is to get out of the building. To opt out of fiat money into real money, namely gold.

Can gold do well in a deflationary environment? You bet it can! There are two examples to prove the point. First, in the 1930`s when prices were plunging Americans began to demand gold in exchange for paper money. This became such a problem the Hoover`s Secretary of the Treasury warned the President that unless this stopped, the U.S. Treasury would have no more gold. Shortly after taking office, Roosevelt signed into law a bill that would forbid Americans from owning gold under penalty of $10,000 fine and 10 years in jail. Secondly, we have seen recently the surge in demand for gold by the Japanese people who are fearful that their very pathological banking system threatens their ability to access their savings when they need to do so. Accordingly they have been buying gold, which always retains its intrinsic value because its value is not dependent on the ability of others to honor their liabilities.

[peter.wedemeier1]

Monday, October 21, 2002

http://www.financialsense.com/Market/wrapup.htm

[Guru-Schreck]

www.terminmarktwelt.de
Editorial: Am Goldmarkt haben die Haussiers keine Chancen (22.10.2002)

Der Goldpreis verliert, in US-Dollar betrachtet, wieder an Terrain. Die Haussiers, die ihn zuletzt erneut in die Nähe seines zyklischen Hochs von 330 Dollar je Feinunze zu treiben versuchten, sind es, die jetzt die Rechnung zu bezahlen haben. Am Terminmarkt müssen sie bluten. Ob sie einsehen, dass sie wieder einmal einen untauglichen Versuch unternommen haben, ihre Vorstellungen durchzusetzen, ist zu bezweifeln.

Hier gilt wie an allen anderen Märkten, dass letztlich nur die physische Nachfrage darüber entscheidet, in welche Richtung sich ein Preis bewegt. Terminmärkte können zwar eine Weile ein Eigenleben führen und sich dabei weit von allen Realitäten entfernen, doch letzten Endes werden sie von den Kassamärkten immer wieder in die Wirklichkeit zurückgeholt.

Die Haussiers können in der gegenwärtigen Lage nur noch darauf setzen, dass der Dollar ausgeprägt schwach wird. Der Goldpreis verhält sich nämlich zum Dollar wie eine dritte Währung. Wer Gold dann in Euro abrechnet, wird rasch sehen, dass er nichts gewonnen hat. Tendiert der Dollar fest, können jene, die in Euro denken oder rechnen, auf der Gewinnerseite stehen. Doch was prozentual erlangt oder verloren werden kann, ist im physischen Geschäft derzeit minimal. Interessant wird es erst, wenn die Hebelwirkung des Terminmarktes genutzt wird. Dann werden aus Preisbewegungen von 5 Prozent je nach der Höhe des zu leistenden Einschusses sogleich Gewinne oder Verluste von 50 Prozent und mehr. Deshalb spielt denn auch die Musik nur am Terminmarkt für das Edelmetall.

Die Haussiers am Goldmarkt haben angesichts der weiterhin beachtlich hohen Verkäufe vor allem europäischer Zentralbanken und der darniederliegenden Investment-Nachfrage bis auf weiteres keine wirkliche Chance. Daher sind Prognosen von 400, 500 oder 1000 Dollar für die abschätzbare Zukunft reine Hirngespinnste. Nennenswert steigende Preise werden die Notenbankverkäufe eher noch zunehmen lassen.

Erst wenn die Investment-Nachfrage, also die der privaten Anleger, wieder kräftig auflebt, kann sich das Bild entscheidend wandeln. Doch daran ist aus mindestens zwei Gründen zu zweifeln: (1) Die Anleger haben gelernt, dass sie mit dem Kauf ausgewählter Goldminenaktien mehr gewinnen können als mit dem Erwerb physischen Goldes, und das auch noch mit einer beachtlichen Hebelwirkung, die diesen Aktien eigen ist. (2) In Phasen sinkender Inflation oder sogar eindeutiger Deflation fällt der Wert von Sachwerten, zu denen auch Gold zählt, obgleich sich seine ursprüngliche monetäre Komponente immer wieder einmal bemerkbar macht.

Und noch eines: Der Kauf von Gold hat letztlich nur Sinn, wenn man auf den Wert, den es verkörpert, angewiesen ist und an irgendeinem beliebigen Ort der Welt von ihm Gebrauch machen will. Es ist wie eine international anerkannte Währung. Doch solange die Papierwährungen nicht akut in Frage gestellt werden, lohnt es sich aus Kostengründen einfach nicht, das Edelmetall als Zahlungsmittel zu halten. Und dafür, dass die führenden Währungen dieser Welt und die in ihnen verkörperten Zahlungsversprechen der jeweiligen Notenbanken ersatzlos untergehen, gibt es derzeit trotz aller krisenhaften Erscheinungen an den Finanzmärkten keinerlei Hinweise. Im Gegenteil, die deflationären Tendenzen stärken wegen der von ihnen ausgelösten Vernichtung fauler Schulden den "inneren Wert" der bedeutenden Währungen, wenn auch in unterschiedlichem Maße.


Arnd Hildebrandt

Herausgeber

[peter.wedemeier1]

Glittering portfolios: Precious metals stocks shine

3rd-quarter leaders recognize gold`s value during a market downturn
October 21, 2002






BY SUZANNE RABIDEAU
SPECIAL TO THE FREE PRESS




"In gold we trust!" is the catchphrase of Scott Schumaker, the third-quarter winner of the 2002 Detroit Free Press-Raymond James Stock Picks Contest.

The second- and third-place winners, Patrick Terrian and James Gostomski, respectively, also believe in the value of the precious metal.

"Gold is the antithesis of technology," said Schumaker, a 37-year-old Troy insurance agent. So when tech stocks bottomed out, the three men decided they wanted their make-believe contest portfolios to include gold stocks.

Many investors who have seen their stocks plunge are trying to decide what they should invest in. Some are investing in gold stocks. Others invested in money markets and not-so-risky investments.

Meanwhile, lots of financial experts are urging investors to make sure their portfolios are diversified with stocks, bonds and other types of investments. Generally, when one investment is not doing well, another one probably is.

The contest leaders say gold stocks are a great option and all three have some in their personal portfolios.

Gold stocks helped Terrian, 27, of Redondo Beach, Calif., pay his college bills.

Gostomski, 51, of Warren added that "Historically, I thought when we were going into this recession, gold would do well and it has."

Here`s how Terrian, Gostomski and Schumaker fared.

First place
Schumaker put all his imaginary $10,000 into precious metals and ended the third quarter with a portfolio valued at $22,436. That`s slightly up from his second-quarter finish of $21,833.25.
Schumaker`s portfolio includes Gold Fields Ltd., a gold mining, development and exploration company in South Africa, whose stock nearly quadrupled, moving from $4.84 a share on Dec. 31 to $12.80 on Sept. 30.

He also chose Glamis Gold Ltd., a Reno, Nev., company that mines and extracts precious metals, whose stock has nearly tripled, from $3.61 a share to $9.25.

His third stock has the ticker symbol PAAS. And no, it is not the well-known Easter egg color dye, but Pan American Silver Corp., a Vancouver, Canada-based silver mining, development and exploration company with active projects worldwide. The stock rose 46.5 percent, from $4.19 to $6.14.

Schumaker admits he reads a lot of financial papers and annual reports. He said investor Warren Buffet, successful speculator George Soros and technology genius Bill Gates all own silver commodities. And Schumaker said they can`t be wrong.

Who are his favorite financial writers?


Bill Fleckenstein, who writes a daily Market Rap column for TheStreet.com`s RealMoney and is president of Fleckenstein Capital, which manages a hedge fund based in Seattle.

Alan Abelson, who was editor of Barron`s, the Dow Jones business and financial weekly, from 1981 to 1993, and now writes the weekly column Up & Down Wall Street that he started in 1966.

Bill Murphy of LeMetropoleCafe.com, a cyberspace cafe for investors and intellectuals. He also is chairman of the Gold Anti-Trust Action Committee (GATA) a voice for the gold industry.
Schumaker says he checks out his own investments. "I do my own research, then tell my broker what to buy."

He says the best investment he ever made was buying gold last year. "Gold and silver are the only investment I`ll make other than real estate," he said. Schumaker is looking for the Dow Jones Industrial Average to go down some more and gold to go up to $1,000 an ounce.

His records show that gold bullion was $271.75 on Sept. 10, 2001, and on Sept. 10 this year it was $317.75 -- a 16.9-percent increase.

Meanwhile, the Dow Jones Industrial Average took a beating, falling from 9605.51 on Sept. 10, 2001, to 8602.61 on Sept. 10 this year -- a decrease of 10.4 percent.

Second place
Terrian has believed in the value of gold for a while.

"When I was going to attend college -- Eastern Michigan and then the University of Michigan -- I had some gold stocks and sold them to use for tuition," he said.

So, he included gold stocks in his portfolio for the stock picks contest. His portfolio was worth $17,044.50 at the end of the third quarter.

His portfolio includes Royal Gold Inc., a Denver company that acquires, explores, develops and sells gold properties and acquires gold royalty interests. The company also provides financial, operational and consulting services to the mining industry.

Royal Gold`s price increase and the plunge of other contestants` stocks helped push him ahead. The stock has nearly quadrupled since the beginning the contest, rising from $5.19 a share to $19.07 on Sept. 30.

Terrian also selected Grey Wolf Inc., a Houston provider of contract land drilling services to the oil and gas industry. The stock rose just a tad.

His third stock is XM Satellite Radio Holdings, a Washington, D.C., developer of audio entertainment and information programming that offers customers up to 100 channels of programming transmitted from the company`s satellites.

The stock has taken a big hit, falling from $18.36 on Dec. 31 to $3.90 at the end of September.

Terrian has entered the contest for several years, and this is the best he`s ever done. Terrian wasn`t even among the top 40 leaders at the end of the contest`s second quarter.

"My father sends me the forms and we talk about our stock picks," he said. Terrian is in sales and marketing for a California display company. His father, Paul Terrian of Keego Harbor, is assistant director of Public Works for Southfield.

Third place
Gostomski is a retired Wayne County Probate Court judicial analyst. He lives with his wife, Colleen, in Warren, and they have two grown children and one grandchild.

He says he selected the stocks for the contest because "when the economy was going down, I thought the investors would turn to gold."

He said, "Gold is a stable asset. In the last recession, when Jimmy Carter was president, gold went way up to $600 or $700 an ounce."

Gostomski said his best investment is Bema Gold, which he bought at 25 cents within the last year. Since then, it`s risen as high as $1.91. At the end of the quarter, it was at $1.26.

His portfolio for the contest includes Glamis Gold Ltd., which helped propel him into the No. 3 spot. He also selected Agnico-Eagle Mines Ltd., a Toronto company involved in the exploration, development and mining of gold and other precious metals throughout Canada.Agnico-Eagle has risen 62.2 percent since the contest began, from $9.87 a share to $16.01 on Sept. 30.

His third company is Placer Dome Inc., a Vancouver, Canada, company that explores, acquires, develops and operates mineral properties. Its principal products include gold, silver and copper. The company`s stock rose slightly.

[peter.wedemeier1]

@Guru-Schreck
Gold investors must first understand that gold mining companies are highly leveraged to the price of gold. Mining companies have very high fixed costs; above these costs, it`s all profit. Here`s a simple example... Many miners have a total production cost (not cash cost) of somewhere around $270/ ounce. When gold is $272, they might have a profit of $2 for every ounce they produce. But with gold at $290, their profit jumps to $20 an ounce (900% increase). This example assumes no "hedging".

You should spend your time looking at the quarterly reports from the gold miners and calculating the vast increase in profits that they will show with a gold price at $300+. For many of the gold miners, profit increases of over 300% will be easily accomplished during this first year of higher gold prices. The smaller gold miners will see the biggest profit increases - they are usually the most leveraged. This whole sector will see profit increases ranging from 100% to 2,000% this year. You will see the PE`s of some of these stocks cut by a factor of ten with the profit increases (assuming no price increase).

Any commentary about gold stocks being expensive is a flat out wrong. You can`t analyze gold stocks without considering where the POG (price of gold) is headed. The Analysts are restrained because they want to slow things down so their firms can get in with large buy orders. If you think my cynicism is misplaced, ask yourself why there have been almost no Analyst upgrades for the miners - even though it`s been the best performing sector for over a year. As a matter of fact, Goldman Sachs downgraded gold (the physical metal), and Placer Dome (PDG), in early January. Meanwhile, sites that report institutional holdings (like the Nasdaq site) show huge institutional buying of gold equities.

Traditionally, the mainstream press has tried to avoid covering the gold sector. When they did cover it, they often presented negative spin by the bullion banks. These banks don`t want gold to go up because most of them are short. But now they are starting to cover gold with more honest insight. Notice how CNBC covers gold in the afternoon, but not on Squawk Box. CNBC is playing nice now, but would quickly slam gold if they could.

It`s also important to understand the potential for dividends. Gold mining companies have a history of paying the highest dividends in history (when their profits are up). The South African miners (GFI, HGMCY, DROOY) pay the highest dividends. Gold Fields (symbol GFI) pays out 50% of their profits in dividends, that fact is documented in their recent quarterly report. GFI could rise from $8 to $30, and then declare a 15% dividend.

It`s also important to understand the market capitalization issue. The total market cap of all gold mining stocks traded on all three U.S. exchanges is only about 80 billion. A single tech company like AOL has a higher market cap. This means is that even small capital inflows into this sector will generate explosive increases in stock prices.

The following websites are excellent resources. Not providing links because some websites reject posts with links. Almost all are dot com, GATA is dot org. I highly recommend reading the GATA messages (Yahoo Groups), it will give you a feel for just how long gold has been held down, and how powerfully it will now go up (read some of the posts from a year or two ago). The Tocqueville website is also great. There are about 7 "Brainstorms" on gold.
----------------------
GATA messages (can link from main GATA page)
USAGold (Daily Report & Gold Discussion links)
Gold-Eagle (Digest & Forum links, 50 million hits since inception)
321Gold
Kitco (current gold prices and historical gold charts)
TheBullionDesk (Newswire link)
PrudentBear
Seabridgegold dot net (The case for gold)
Tocqueville (Brainstorms / they have a good gold fund too)
Silver-Investor

[peter.wedemeier1]

Ergänzung: GoldSeek.com

[peter.wedemeier1]

@Guru-Schreck
Are you on Prozac or just entranced by your own bullshit?

[peter.wedemeier1]

GG is lowest cost gold producer.

[Guru-Schreck]

@Peter
#102
Denk dran, der Hebel bei Minen wirkt nicht nur nach oben, sondern
auch nach unten. Ungehedgt zu sein, ist nicht per Definition positiv
zu werten.

[peter.wedemeier1]

Top Financial News



10/24 00:19
Dollar Falls vs Yen; U.S. Economic Recovery Seen Losing Steam
By Yumi Kuramitsu


Tokyo, Oct. 24 (Bloomberg)
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

[peter.wedemeier1]

Press Release Source: Goldcorp Inc.


Goldcorp Inc.: 2002 Third Quarter Results
Wednesday October 23, 11:33 pm ET


TORONTO--(BUSINESS WIRE)--Oct. 23, 2002--GOLDCORP INC. (NYSE:GG - News; TSX:G - News):
Excellent Operating Performance and Record Revenues
Net Liquid Assets Grew by $275,000 Per Day
Increased 2002 Red Lake Forecasts
(All amounts in this news release are expressed in United States dollars (US$) unless otherwise stated)
GOLDCORP INC. (NYSE:GG - News; TSX:G - News) is pleased to announce that for the third quarter (ending September 30th) 2002, the Company generated $0.09 and $0.18 per share, of earnings and cash flow, respectively. Management believes it is important to provide clarity and certainty to investors concerning the business of the corporation and its future. As a result, these results include a $0.02 per share charge as a result of an increase in the provision for post closure liabilities at the Wharf Mine. Excluding the effect of this, we recorded our best quarterly performance since we initiated our corporate restructuring in early 1994 (excluding one time anomalous investment gains in 1994). Bullion adjusted earnings and cash flow were, respectively, $0.10 and $0.21 per share. Gold production totaled 162,982 ounces at a cash cost of $86 per ounce sold. If stock options had been expensed, earnings for the quarter would have declined by $0.01 to $0.08 per share based on Canadian and United States Generally Accepted Accounting Principles (GAAP). The CEO and CFO of Goldcorp confirm the veracity and soundness of these financial and operating results and have provided the board of directors with a signed statement supporting this.

mehr?: -> http://biz.yahoo.com/bw/021023/230563_1.html

[peter.wedemeier1]

Next Meeting: Oct. 30th, 2002

Robert R. McEwen, Chairman and CEO of Goldcorp Inc. is pleased to invite you to join him and members of his management team for an informal lunchtime presentation.

On January 1, 2001 we commenced commercial production at our new Red Lake Mine. It is one of the world`s highest grade and lowest cost mines. We believe Goldcorp has an exciting growth story and we welcome the opportunity to tell it to you.

These presentations are a new initiative by us whereby we intend to conduct a series of regular weekly forums. These aim to provide the individual investor direct access to the Goldcorp story and the company`s senior management.
We hope you can attend and welcome anyone else you may wish to bring.
If you cannot join us on this date, please let us know if you would be interested in attending a future presentation at a later date.

[peter.wedemeier1]

GUEST EDITORIAL
James E. Sinclair
Chairman & CEO of Tan Range Exploration Corp

Gold Producers, Derivative Hedgers Cause Suffering
Selection of Healthy Gold Shares Shrinking Daily
Healthy Gold Producers & Legitimate Juniors to Rise Exponentially as a Result
by James Sinclair
October 23, 2002






http://www.financialsense.com/metals/sinclair/editorials/102…

[peter.wedemeier1]

NOTICE OF THIRD QUARTER RESULTS
Toronto, Canada
October 11, 2002
GOLDCORP INC. (TSX: G; NYSE: GG) Rob McEwen, Chairman and CEO of
Goldcorp Inc. is pleased to announce that Goldcorp will be releasing its Third Quarter
results on the evening of Wednesday October 23, 2002.
An analyst meeting will be webcast live (audio only) at
http://web1.to.fastvibe.com/CustomWebcastingSolutions/gol/02… on
Thursday October 24, 2002 at 8:30 a.m. (EST). The press release will be posted on
our website located at www.goldcorp.com.
In 2001, Goldcorp was the most profitable North American gold company, on a per
share basis. Its Red Lake mine is believed to be the richest gold mine in the world. The
company is in excellent financial condition, with no debt and strong free cash flow and
earnings. Goldcorp is North America’s largest unhedged gold company!
Goldcorp’s shares are listed on the New York and Toronto Stock Exchanges under the
trading symbols of GG and G, respectively and its options trade on the American Stock
Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific
Exchange (PCX) in the U.S.A. and on the Montreal Exchange (MX) in Canada.
For further information, please contact: Corporate Office:
Chris Bradbrook 145 King Street W.
Vice President, Corporate Development Suite 2700
Telephone: [phone] Toronto, Ontario
Fax: [phone] M5H 1J8
e-mail: [e-mail]
website: www.goldcorp.com

[peter.wedemeier1]

The Red Lake, Ontario, district has been one of the worlds most prolific gold producing camps for over 70 years. Among many producing mines the richest ore in the area has been found and mined in the Balmer Township. Here the Placer Dome Campbell Mine has been in continuous production since 1949 producing ~ 11,000,000 oz. AU with more than 3,000,000 oz. still in reserve and more likely to be found. Average ore grade over these many years has been a very healthy .575 oz Gold /ton. It remains Placer Dome`s most profitable mine. Also in continuos operation since the 1940`s, the neighboring Dickinson Mine (now know as Goldcorp`s Red Lake Mine) was traditionally Campbell`s "poor cousin" as it yielded somewhat lower grade. By the early 1990`s conventional wisdom was that the Dickinson Mine was fast approaching the end of it`s useful life. Some, however, challenged this belief and in the early 1990`s the mine was taken over and Goldcorp was formed. Believing that so far only the easily found gold had been discovered in the Red Lake area a serious exploration program was initiated to probe the deeper workings of the mine . Following the idea that the existing trend continued beyond the shallow, already mined gold, in 1995 the deeper "High Grade Zone" was almost immediately found. This truly remarkable strike has turned out to be the richest and most profitable gold zone in the world today yielding grades of over 2 oz / ton and a total cost per ounce of well under $100 US. Goldcorp is now the lowest cost producer of gold in the world.






mehr?: -> http://members.shaw.ca/blahmcblah/BALLMERTOWNGOLDCORPRUPERTM…

[peter.wedemeier1]

Unglaublich!, vor allem zum Tagesschluß. Viel heiße Luft bei JPM. Wenn diese heiße Luft bei JPM herausgelassen wird, dann gibt es einen Crash.

[peter.wedemeier1]

2:00pm 10/23/02
BEIGE BOOK: RETAIL SALES WEAK ACROSS NATION

2:00pm 10/23/02
BEIGE BOOK: MANUFACTURING DECLINING, OR GROWING SLOWLY

2:00pm 10/23/02
BEIGE BOOK: PRICES STABLE, WAGES SUBDUED

2:00pm 10/23/02
BEIGE BOOK: CAPITAL SPENDING, COMMERICAL LENDING SOFT

[peter.wedemeier1]

Reuters
Gold Fields says 2002/03 results to reflect new mines
Wednesday October 23, 11:22 am ET

http://biz.yahoo.com/rf/021023/minerals_safrica_goldfields_1…

[peter.wedemeier1]

BLACK TUESDAY OCTOBER 29th 1929 REVISITED?

(TUESDAY OCTOBER 29th 2002)

By Richard Lancaster

"These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again."- John D. Rockefeller on the Depression in 1933

http://www.gold-eagle.com/editorials_02/lancaster102102.html

[peter.wedemeier1]

Gold-Backed Currencies

http://www.golddirectory.com/currency.htm

[peter.wedemeier1]

>Goldcorp admits aborted acquisition

By: Tim Wood


Posted: 2002/10/24 Thu 16:00 | © Mineweb 1997-2002

http://www.mips1.net/MGGold.nsf/UNID/TWOD-5F8RPT?OpenDocumen…

[peter.wedemeier1]

US listing on the cards for ARMgold
Sherilee Bridge
October 24 2002 at 08:16AM

http://www.businessreport.co.za/html/busrep/br_frame_decider…

[peter.wedemeier1]

Top Financial News



10/24 00:19
Dollar Falls vs Yen; U.S. Economic Recovery Seen Losing Steam
By Yumi Kuramitsu


Tokyo, Oct. 24 (Bloomberg)
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

[peter.wedemeier1]

"It is nice to see this one showing strength. The price action was better than most.

The MACD and Momentum maintained a positive tone.

When the gold shares, as a group, do perform on the upside, this will be among the front runners."

http://www.financialsense.com/metals/sinclair/tech/review/10…

[peter.wedemeier1]

Afghans see money value turn to dust
Issued to help stability, the new afghani has crumbled, and the nation`s people feel it
By Liz Sly
Tribune foreign correspondent

October 29, 2002

KABUL, Afghanistan

http://www.chicagotribune.com/templates/misc/printstory.jsp?…

[peter.wedemeier1]

Breaking News

Mergers create new Canadian mid-tier gold miners

http://www.miningweekly.co.za/mw/breaking/?show=29159

[BigFuture]

Ich habe über Consors ein Übernahme-/Abfindungsangebot der TRC Capital Corp. erhalten.

Frist: bis 12.11.2002
Abfindungsbetrag: 14,35 CAD

Das Angebot der TRC Capital Corp. gilt für maximal 6.000.000 Aktien.

Kann jemand etwas dazu sagen?

[peter.wedemeier1]

Goldcorp: I do not read this as a flat bottom triangle. It seems more symmetrical to me. Regardless, see Edwards and McGee page #122 figure 53 and page 123 figure 54. Also refer to page #139 for the measurement of resulting move.

[peter.wedemeier1]

COMMENTS FROM JIM SINCLAIR:

This is going to be the toughest call of this entire $300 - $330 sideways movement. The reason why is because, as we enter the $320 - $325 range, there is a knee-jerk reaction in the gold market. The gold market is so used to the arrival of JPM, Lehman, Goldman and Merrill as sellers pounding the market, that gold shares now almost automatically decelerate, as a knee-jerk reaction to gold being at the the $320 -$325 price. At this price, the gold shares` appreciation decelerates and actually stops dead in their tracks.

What the market has failed to realize is that these gold dealers, due to their own liquidity situations, are now no longer the big position takers in gold as they were before. All they have been doing lately is exercising clients` orders. The sellers of gold that have come into gold market at the $320 - $325 area have not been the gold cartel. They have been the local floor traders and speculator computer traders. Again, not the cartel. This is why we have had higher lows as we chop sideways.

I firmly believe the chances of taking out the $330 level to the upside before Christmas is real because the significant enemy of the gold price, the gold cartel, is out of business. They have had their trading capital called back to the parent holding company because of the effects of the credit downgrade on the parent holding companies. When the market wakes up that the enemy is no longer there, no event will be required to take gold above $330. It will simply go there.

Here is how we will determine if gold is going to break out above $330:

Have you wondered how I was able to determine the heads up and buy/sell points in this rally? Well, thanks to RGLD/GG and the use of proprietary measures in the duration period of the chart, the slow stochastic and Williams %R, I have when these leading (action-wise) gold shares entered an oversold condition, began to look for the buy and overbought for the sell. Now as gold approaches $330, if the gold shares (which historically know more about gold than gold does) are not into the overbought condition that have been so accurate, we will assume $330 is going to breach and NOT SELL our 1/3.

This means we are remaining disciplined, but being superbly focused. I will, as we near this situation, be doing daily technical reviews. I consider the market at this time more critically positive than ever before in this 11-month rally. The magnificently symmetric, three-year golden tea cup formation* would break to the upside out of the handle at a close above $330. This type of a formation, over this amount of time, is extremely rare and super bullish. I have in my 43 years never seen a technical formation of this kind for this long a duration with this type of symmetry. It is rare and important. This type of a formation will launch only one thing, a huge Bull market, if resolved to the upside. The probability of failure after gold breaks to the upside above $330 from this type of a formation is less than 10%. Those odds are outrageously good for the long.

We know the bull market in gold started 11 months ago, but history will record the breakout above the handle on the golden tea cup as "The Birth of the Gold Bull Market." This will occur because the amount of appreciation above the handle will be orders of magnitude compared to the 11-month appreciation we have already witnessed. Be assured that I am focused and will be keeping the Gold community as closely focused.

[peter.wedemeier1]

The Fifteeth Annual
San Francisco Precious Metals Conference
December 1-2, 2002
The San Francisco Marriott, 55 and 4th Street

Focusing on value investments and wealth preservation with the global leaders in gold, precious metals and mining.



http://www.iiconf.com/SanFrancisco/

[peter.wedemeier1]

EXPLORATION

Exploration expenditures rose to $1.3 million in the third quarter of this year, as Hecla concentrates on several promising targets. Exploration costs are expected to increase in the fourth quarter and into 2003 as the company explores for more ore in prospective areas surrounding the San Sebastian mine, at La Camorra and Block B in Venezuela and at the Hollister Block exploration/development project in Nevada.

On exploration results company-wide, Baker said, "Continued encouraging results at most of our exploration sites give us good reason for optimism that one, two or more of these sites could turn into a new mine for Hecla or an expansion of reserves at existing properties. This stable of exploration prospects is the best Hecla has had access to in a long time." Hecla also distributed information today in a separate news release concerning its exploration projects, which can be accessed at the company`s website at www.hecla-mining.com.

FINANCIAL

Hecla`s financial condition continued to improve during the first nine months of 2002, with a healthy current ratio of 1.55:1. The company`s cash position has increased to $17.8 million at September 30, 2002, compared to $7.6 million at the end of 2001. Total debt, related mainly to the purchase of La Camorra and the mill at San Sebastian, was down to $13.8 million at the end of the third quarter, compared to $19 million at the end of 2001.

[peter.wedemeier1]

Hecla Total Hedges 3Q Report
HEDGED POSITIONS
As of September 30, 2002

Gold: 123,786 ounces hedged at an average price of $288

[peter.wedemeier1]

OPERATIONS

Based on outstanding performance at its operations, Hecla has increased 2002 production estimates and now anticipates producing at least 235,000 ounces of gold at an average total cash cost of under $140 per ounce and about 8.2 million ounces of silver at an average total cash cost per ounce of less than $2.30, assuming by-product metals prices remain fairly constant.

In the first nine months of the year, Hecla produced a total of 187,028 ounces of gold at an average total cash cost of $130 per ounce. The La Camorra mine in Venezuela contributed nearly 134,000 ounces of gold during the first nine months, and had record production in the third quarter, with 47,814 ounces produced. The ore grade at La Camorra remains very high, at more than 1 ounce per ton during the third quarter. Increased tonnage mined due to efficiencies in equipment use and availability contributed to record production at La Camorra. Phil Baker, Hecla`s president and chief operating officer, said, "La Camorra continues to be an excellent, low-cost gold producer with six quarters of more than 39,000 ounces of production at an average total cash cost per ounce of gold below $140. This solid foundation makes us enthusiastic about continuing to develop La Camorra and the surrounding concessions."

Hecla produced 6.4 million ounces of silver during the first nine months of 2002, at an average total cash cost of $2.22 per ounce. The San Sebastian mine in Mexico, now in full production, contributed 822,757 ounces of silver and 10,112 ounces of gold during the third quarter, at an extremely low average total cash cost of $1.11 per ounce of silver. The ore grade at San Sebastian during the third quarter averaged more than 24 ounces of silver per ton and nearly a third of an ounce of gold per ton. For the first nine months, San Sebastian has produced nearly 2.5 million ounces of silver and close to 30,000 ounces of gold at an average total cash cost of $1.29 per ounce of silver. Baker said, "San Sebastian has exceeded our expectations in every way, far outdistancing our initial operating plans at this property. Our operating methodology worked through any uncertainties we had at the start of this project to make this property a world-class silver producer into 2003 and beyond."

The Greens Creek mine in Alaska, in which Hecla holds a 30% interest, produced approximately 2.5 million ounces of silver for Hecla during the first nine months of the year, with 827,201 of those ounces mined in the third quarter. Greens Creek costs are significantly lower than a year ago, with a third quarter total cash cost of $1.93 per ounce of silver, compared to $2.52 in the same period a year ago. Greens Creek has also contributed more than 23,000 ounces of gold for Hecla`s account this year.

The Lucky Friday mine in northern Idaho continues to be Hecla`s highest cost mine, although it has been successful in lowering costs from a year ago. Despite contending with lower ore grades compared to last year, the Lucky Friday managed to produce 1.4 million ounces of silver in the first nine months of the year at an average total cash cost per ounce of $4.65, compared to $4.95 per ounce the year before.

[peter.wedemeier1]

Goldcorp Announces Quarterly Dividend Unhedged And Debt Free With A Yield!
Wednesday November 20, 5:36 pm ET


TORONTO--(BUSINESS WIRE)--Nov. 20, 2002--GOLDCORP INC. (TSX:G - News; NYSE:GG - News) is pleased to declare its fourth quarterly dividend payment for 2002 of US$0.03 per share. Shareholders of record at the close of business December 9, 2002 will be entitled to receive the dividend which will be payable on December 16, 2002. This brings the total dividend payment for 2002 to US$0.11 per share.
Goldcorp believes that Gold is Money, and is focused on creating shareholder value. The Company continues to believe that payment of a dividend is an important way to provide a return to its shareholders on an ongoing basis.

The Company was North America`s most profitable gold producer in 2001, on a per share basis. Goldcorp has no debt. Its gold production is unhedged and it generates strong cash flow and earnings. Goldcorp owns the richest gold mine in the world - its Red Lake Mine in Canada. At September 30, 2002 the market value of its cash and gold bullion holdings exceeded US$293 million.

Goldcorp`s shares trade on the New York and Toronto Stock Exchanges under the symbols GG and G respectively and its options trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Exchange (PCX) in the USA and the Montreal Exchange (MX) in Canada.



--------------------------------------------------------------------------------
Contact:
Goldcorp Inc.
Chris Bradbrook, 416/865-0326
Fax: [phone]
or
Corporate Office, Toronto, Ontario
Canada, M5H 1J8
www.goldcorp.com
[e-mail]

[peter.wedemeier1]

Goldcorp on the hunt for acquisitions
By Matthew Jones in London
Published: November 20 2002 16:45 | Last Updated: November 20 2002 18:52

Goldcorp, the Canadian precious metals miner, is planning to acquire up to 200,000 ounces a year of gold production as part of its plan to produce 1m ounces annually by 2005.
The group, which is the world`s eighth largest gold miner by market capitalisation, has eschewed recent market consolidation in favour of organic growth at its Red Lake mine in Ontario.
But Rob McEwen, chief executive, said Goldcorp would now look for "selective acquisitions" in Australia or North America.
"Half of the improvement towards our 1m-ounce target can come from Red Lake but the rest will have to come from outside the company," he added.
Goldcorp has been trying to acquire Placer Dome`s Campbell Mine, which is adjacent to Red Lake, but has been unable to convince the metals group to part with the property.
Campbell currently has 200,000 ounces a year of production.
Analysts said Placer was unlikely to do a deal until it had done due diligence on Campbell to assess its full value.
In the meantime, Hecla, the Idaho-based gold and silver producer, has been tipped as an alternative acquisition target.
"It would be logical for Goldcorp to divert attention away from Red Lake and Campbell. Hecla is undervalued, produces about 225,000 ounces a year of gold and Rob McEwen knows its management well," said one observer.
Hecla has a market capitalisation of about $320m, but analysts said Goldcorp might have to pay as much as $425m, based on the group`s previous share price highs.
Mr McEwen said any acquisition would have to fit in with the group`s strategy of low-cost gold production.
He added that the company would continue to stockpile gold in its treasury, both from its own production and by buying in the market, to give it greater leverage to the gold price.
"We are in the right cycle for gold at the moment. Based on historical trends, I think there are another nine years of upside for the gold price," he said.
Goldcorp already has 180,000 ounces of gold in its treasury.
John Bridges, analyst at JP Morgan in New York, said: "If you believe we are entering a structural bull market for gold, why sell it?"

[peter.wedemeier1]

John Bridges, analyst at JP Morgan in New York, said: "If you believe we are entering a structural bull market for gold, why sell it?"

[peter.wedemeier1]

[peter.wedemeier1]

Taylor On the US Dollar & Gold

Gold Trashed Gives Birth to the Big Dollar Lie

http://www.gold-eagle.com/gold_digest_02/taylor111902.html

[peter.wedemeier1]

BREAKING
NEWS. Housing starts fell in October to an annual rate of 1.6 million, biggest drop in more than 8 years. Details soon.

[peter.wedemeier1]

November 2002
Click here for an index of Economic Outlook.

Don`t Count Too Much on Central Banks

By John H. Makin

http://www.aei.org/eo/eo14550.htm

December 2002
Click here for an index of Economic Outlook.

Time to Print Money

By John H. Makin

http://www.aei.org/eo/eo14655.htm

[peter.wedemeier1]

Remarks by Governor Ben S. Bernanke
Before the National Economists Club, Washington, D.C.
November 21, 2002
Deflation: Making Sure "It" Doesn`t Happen Here

http://www.federalreserve.gov/boarddocs/speeches/2002/200211…

[peter.wedemeier1]

The Debt To the Penny

http://www.publicdebt.treas.gov/opd/opdpenny.htm

[peter.wedemeier1]

PARIS (Reuters) - An economic recovery in the United States has faltered, will remain tepid next year and even though growth should pick up in 2004 it must still overcome some potentially serious obstacles, the OECD warned Thursday.

"The recent drop in manufacturing output and employment could signal a more pronounced, imminent decline in activity, particularly if households trim their savings," the Organization for Economic Cooperation and Development said.

Writing in its November Economic Outlook, the OECD added that it assumed that the inflation outlook would remain benign and that the Federal Reserve could keep interest rates at their current 40-year low until the middle of next year.

This outlook relied on oil prices not spiking up again, which was a risk if markets take fright at another Gulf war.

Together with a massive fiscal stimulus, low borrowing costs should safeguard a modest recovery and the OECD saw GDP up by 2.6 percent next year from 2.3 percent in 2002, before a more robust rally took hold to hoist growth by 3.6 percent in 2004.

It also warned that with the U.S. currently sucking in a net $2 billion from world savings every day to finance its trade gap, the current account deficit would widen to 5.25 percent of GDP in 2004 and was a potential risk for a sharp dollar decline.

[peter.wedemeier1]

TECHNICAL REVIEW GG
11.20.2002

Wow, you talk about sacking the quarterback! The GG crowd ran helter-skelter for the exits. It was like the entire stadium tried to crowd out one small exit door when someone inside GG yelled fire. All I can assume is that those with less funding bought the cheaper leader.

The Power Down Trend line, PDT, is at an extreme angle that cannot be sustained either upwards or downwards. Again the PDT and the USDX will key you to the end of this decline.

http://www.financialsense.com/metals/sinclair/tech/images/11…

http://www.financialsense.com/metals/sinclair/tech/review/11…

[Gringo1]

GG sieht recht hübsch aus.

Außerdem gibts Dividente wenn man´s morgen hat.

[Gringo1]

"d" sorry

[peter.wedemeier1]

Top of The Pops
Strongest Gold Stocks
Clive Maund
4 December, 2002
http://www.321gold.com/editorials/maund/maund120402_goldstoc…

[peter.wedemeier1]

How to participate in the unfolding bull-market in gold

http://www.321gold.com/editorials/zihlmann/zihlmann120502.ht…

[peter.wedemeier1]

Goldcorp`s Red Lake Mine is the richest gold mine in the world. The Company is in excellent financial condition: has NO DEBT, a Large Treasury and Strong Cash Flow and Earnings. GOLDCORP is completely UNHEDGED and pays a dividend six times a year. Goldcorp`s shares are listed on the New York and Toronto Stock Exchanges under the trading symbols of GG and G, respectively and its options trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Stock Exchange (PCX) in the United States and on the Montreal Exchange (MX) in Canada.

Gold is better than Money, Goldcorp is Gold!

[peter.wedemeier1]

Am heutigen US-Handelstag ist zum Start GG (+ 3.11%) bei $10.60 in Führung gegangen und führt im Moment vor ASL
(+ 2.95% bei $5.94) und SWC (+ 2.87% bei $2.87).

Go Gold und Platin Go!

[peter.wedemeier1]

GG (+ 3.93% bei $11.10) hat soeben im US-Handel die Führung von GLG (+ 3.76% bei $11.31) übernommen. Beide führen nun vor GSS (+ 3.47% bei $1.79).

Go Gold Go!

[peter.wedemeier1]

TORONTO, ONTARIO, Apr 9, 2003 (CCNMatthews via COMTEX) -- GOLDCORP INC. (TSX: G; NYSE: GG) Rob McEwen, Chairman and CEO of Goldcorp Inc. is pleased to announce that Goldcorp will be releasing its First Quarter results during the evening of Wednesday, April 23, 2003.

Goldcorp`s gold bullion holdings of 196,000 ounces (6.10 tonnes) are greater than 41 (or 36%) of the world`s 114 countries who report gold ownership. Its holdings are greater than the gold reserves of Ireland or of Hong Kong and Luxembourg combined. Goldcorp`s Red Lake Mine is the richest gold mine in the world. The Company is in excellent financial condition: NO DEBT, a Large Treasury and Strong Cash Flow and Earnings. GOLDCORP is completely UNHEDGED and is in fact North America`s largest unhedged gold company. Goldcorp`s shares are listed on the New York and Toronto Stock Exchanges under the trading symbols of GG and G, respectively and its options trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Stock Exchange (PCX) in the United States and on the Montreal Exchange (MX) in Canada.

[peter.wedemeier1]

GG (+ 1.54% bei $10.55) liegt im US-Handel in Führung vor AEM (+ 1.29% bei $10.17) und KRY (+ 1.22% bei $0.830).

Go Gold Go!

[DerSchaetzer]

Der Dollar = Euro Kurs macht die ganze Performance kaputt.
So ein schei...!!!