what analysts don't seem to consider, page-26

Marv,

Surely MML are doing what a large number of canny investors are already doing - swapping cash for bullion! The difference for MML is that they already have the bullion, so why swap it for unnecessary cash when the miserly bank interest available does not cover declining purchasing power.

MML have already made a c. US$1.5m paper gain on the 25.5koz of March bullion and they already have a substantial cash pile which is growing at c. US$16m/qtr after all outlays.

They can, of course, sell their bullion reserve at any time - and may well have already sold it for all we know. On the other other hand perhaps they will be that rarity amongst producers - one prepared to withhold gold until they can get a premium price for it.

Either way, they have laid down a marker that other producers could well take note of - not that it is likely to make them popular amongst the bullion bank fraternity!
CPDLC