Ann: Quarterly Activities and Cashflow Report , page-14

And what might rising gold and silver prices do for the miners?

All through the naughties the talk was about leverage to the metal prices. Shares would go up ten times the price rise in the metals; margins, profitability etc. In reality, apart from explorers finding stuff, the producers generally fared badly overall. Barrick, for example, one of the biggest gold producers, had a share price of $32 in 2002 when the POG was $300. ABX now? $32! With the POG over $1600.

Not a nice perspective - but reality over the last decade.

(Barrick's sp got as high as $55 when gold hit $1900 - and by then they had dumped their hedge book too, which was supposed to be holding the sp back).