Canada's Goldcorp, 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 has revealed. 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. The price of gold rallied to a 2-1/2-year high of $330,30 an ounce in early June. With short-term dollar deposits returning only 1,5% a year, the "opportunity cost of going out of cash is small," while gold has the potential to return 3% a day, using a powerful rally on last week Wednesday as an The company had 4,9 tons of gold in vaults at its Toronto depository at the end of June 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. Its full exposure to the spot price has put it in the forefront of the gold sector rally this year. Its 44% gain outperformed even market darling Newmont. Since Goldcorp restructured from a holding company to an operating company in 1993, its share price has experienced a 33% compound annual return, compared to small losses for the big three North American producers, Newmont, Barrick Gold and Placer Dome.
There are several versions of the recent assassination of the most prominent Iranian nuclear scientist and high-ranking officer of the Islamic Revolutionary Guard Corps, Mohsen Fakhrizadeh