Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	11/15/2001 8:32:32 AM
From: Frank Pembleton	Read Replies (1) of 36161

Investors flocked to gold in wake of Sept. 11 Reuters -- November 14, 2001 NEW YORK - U.S. investors swarmed to buy gold coins after Sept. 11, seeking the protection of a hard asset in the wake of the attacks on the World Trade Center and the Pentagon, the World Gold Council said yesterday. Sales of new coins in the United States surged 403% year over year in the third quarter of 2001, the industry-funded WGC said in its Quarterly Demand Trends survey. U.S. demand for coins during the July-Sept. period was 3.5 tonnes. But the increase in coin hoarding was offset by a 2% decline in jewelry sales year over year, with a big part of the drop coming as the economy deteriorated and gold prices spiked after the attacks. "The slowdown in global economic activity following the attacks of Sept. 11 and the ensuing volatile gold price caused gold jewelry demand to fall 10% from year-earlier levels to 649 tonnes," the council said in a press release. Total world demand for gold fell 7% since 2000's third quarter to 755.2 tonnes, the WGC said. Overall investment demand rose 17%, reaching 105.9 tonnes. nationalpost.com

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