Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (1)	5/31/2001 1:37:44 AM
From: craig crawford	Read Replies (1) of 1643

Top Financial News Thu, 31 May 2001, 2:06pm EST S. Africa 1st-Qtr Gold Output Falls to 47-Year Low (Correct) By Antony Sguazzin S. Africa 1st-Qtr Gold Output Falls to 47-Year Low (Correct) (Corrects percentage fall in headline and second paragraph.) Johannesburg, May 30 (Bloomberg) -- South Africa's gold production fell to its lowest level since 1954 in the first quarter as prices close to a 20-year low-forced mining companies to cut back, the country's Chamber of Mines said. Gold production declined 7.9 percent in the three months ended March 31 from the same period a year before, to 3.16 million ounces, the chamber said in a report. The slide from output in the fourth quarter of 2000 was 9.4 percent. ``Downscaling at certain operations affected production,'' the industry body said. While the price of gold has almost halved since 1980, South African companies operate the deepest, and therefore most expensive, mines in the world. Aside from low prices, first quarter gold production suffered from the large number of public holidays in the period, the chamber said. Gold fell as much as 2.2 percent in London today to $268.90 an ounce.

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