 ,
 Anjam and Kirstee,


As I have suspected the position as of 6/30 vs 7/19 makes the difference. The 
first table first column is my VAR number with 6/30 position and gold&silver 
prices, the second column is your VAR with 7/19 position and dummy 
gold&silver prices. The second table first column is my VAR with 7/19 
position and 6/30 gold&silver prices, the second column is as before.

I would ask you to plug the gold and silver prices and see what kind of 
numbers you get in order to verify we are on the same page. Please refer to 
MODELVAR2000.xls that I have sent you for gold & silver prices and 
volatilities. 

Thank you,
Cantekin


  TABLE 1



  TABLE 2
anjam.ahmad@enron.com, kirstee.hewitt@enron.com