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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who wrote (846)	8/6/2002 1:36:09 PM
From: 4figureau	of 5423

UBS Warburg: Gold tried to break through key resistance at $310 yesterday but failed to attract any momentum. With the dollar recovering again gold looks set to consolidate in the 304 / 310 range. Gold: News: Australia’s AurionGold Ltd said on Tuesday it plans to reduce its gold hedges to below 50 percent of reserves from around 60 percent to gain more exposure to spot bullion prices. "We are winding down our hedging," AurionGold managing director Terry Burgess said on the sidelines of a mining conference. "I’d like to reduce it to less than half." In other news, Harmony Gold has unveiled plans to spend $73 million replacing ounces and adding a further 150,000 ounces of new production a year. The group is also dusting off projects to access up to 37 million ounces in gold resources. Chief executive, Bernard Swanepoel, said the company had always known it owned "spectacular organic growth" and that these "were just a few of them". The projects are located at the company’s South African operations. Trading: Professional buying of gold took the metal higher in New York, taking out small stops on the way up and filled the gap between $309.90 and $310.90 (Comex Dec). Further technical stops were triggered near $310 spot but the market was unable to hold onto these gains as the Euro weakened towards the end of the session and the Philadelphia gold and silver index (XAU) getting hit hard. Gold lost another dollar-fifty into the close in what was a disappointing end to an initially-positive session. In Asia, gold came under some light selling pressure but was supported above $307. View: With a lack of gold specific drivers in the market, the metal will continue to take its direction from FX and equity markets. The sharp sell-off of gold equities last night in US trading has introduced a note of caution into the gold market as equities have often led bullion this year. 1m 3m 6m 1y 3y 5y 10y USD/XAU Impl Opt Vol (Mids) 16.25 15.0 14.4 14.0 12.6 12.2 12.1 Gold Fwd Rates 1.70 1.59 1.34 1.07 1.73 2.42 3.54 Silver: News: For the four weeks ending July 14, scanner data show film industry volumes continue to decline at a mid-single digit pace, with a decline of 4% yr/yr in July/June, vs. a 4% drop in June and a 3% decline in May. While picture-taking activity showed some signs of stability in the first quarter, declines have resumed due to declines in leisure activity and we believe that digital substitution seems to be adversely impacting U.S. film growth by at least 3%. Trading: Silver opened on the lows in New York and then traded higher through the session. After topping out around the 4.66 / 4.67 level silver remained supported for the rest of the session before some late spec and professional selling saw the metals dip 4 cents to the closing levels. View: After the recent speculative-driven sell-off in silver the metal is attempting to find fresh support. The 200-day moving average at 4.55 should prove decent support.

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