Cadre Resources (CSL.V) Awaiting production #'s and Financ Message Board

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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ

CSL 321.04

+0.4%

Dec 3 4:00 PM EST

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To: Mark Bartlett who wrote (650)	7/19/1999 7:22:00 PM
From: Bob Jagow	Read Replies (1) of 1285

Any of the Cndn golds holding up, Mark? Still all doom in the press - 'weak gold will speed up the South African leg [of the shakeout]' Bob ------ New York precious metals closed mostly lower Monday, with gold shrugging off losses in the dollar and edging lower with shorts standing pat amid bearish sentiment. The dollar took a hit against both the euro and the yen amid rumors of intervention on the part of the Fed, Bundesbank and European Central Bank. Gold, which has in the past been considered a safe haven investment tool, failed to benefit. "In order for a rally to occur something has to trigger it," said Tim Evans, an analyst with Pegasus Econometric Group. "We can't guess at when a bullish fundamental shock might occur, so there's no point in buying in anticipation of a news development. Meanwhile, South Africa's Harmony Gold chief executive officer Bernard Swanepoel predicted a shakeout of the gold industry. "I've got no doubt that it (the weak gold price) will speed up the South African leg and the international producers have no place to hide any more," he said. At these prices, 45 percent of the world's gold output is unprofitable and Swanepoel predicted "some (companies) may be forced to throw in the towel."

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