Gold in Australian Banking? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

There have been some stories circulating this last week that some big Australian banks are in trouble over their gold shorts. Then I noticed that the Kitco graph has been showing sharp buys in 2 out of the last 3 days, shortly after the Sydney market opens, which it just did. Usually, the Sydney market is pretty Ho-Hum on gold trading, with very little activity, but not lately. If the stories about their banks has merit, this could be the sign of their cover attempts. Anybody know anything more along this line?

-- Gordon (, October 06, 1999


"...banks are in trouble over their gold shorts."

Man!..I know how that goes. My wife found some in my glove box one time...TALK ABOUT TROUBLE...HAD TO WEAR THOSE DAMN THINGS FOR THREE MONTHS!

-- Goldfinger (, October 06, 1999.

From the DOW thread a few back

Further Restructuring of Ashanti's Hedge Book

LONDON--(BUSINESS WIRE)--Oct. 6, 1999--Further to the announcement of Oct. 5, 1999, Ashanti Goldfields Company Limited (``Ashanti'' or ``the Company'') announces that it has entered into a temporary standstill arrangement with its hedging counterparties in order to give the Company time to work out a more permanent arrangement with its counterparties. Under this arrangement the counterparties have agreed not to make margin calls or to take certain other actions in respect of the hedging contracts.

In the meantime, the Company is actively reviewing its strategic alternatives and opportunities to create additional liquidity and, as announced yesterday, is pursuing merger negotiations with Lonmin plc.

Certain of the statements made in this release are forward looking in nature. Actual results may differ from those projected in forward looking statements. Risk factors relating to Ashanti can be found in its public SEC filings. Ashanti undertakes no obligation to update publicly any forward looking statements whether as a result of new information, future events or otherwise. Any statements should be evaluated in light of these factors.

-- a (a@a.a), October 06, 1999.

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