Pacific Rim Mining V.PFG Message Board

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Gold/Mining/Energy : Pacific Rim Mining V.PFG

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To: Bill Jackson who wrote (14531)	2/11/2002 4:08:54 PM
From: DeplorableIrredeemableRedneck	Read Replies (1) of 14627

Bullion resumes climb; at 2-year highs Last Updated Fri, 08 Feb 2002 17:17:29 TORONTO - Gold stocks helped drive the TSE higher Friday, as the price of bullion resumed its almost uninterrupted rise of the last 10 days. Bullion prices surge again April gold futures on the New York Mercantile Exchange rose $3.90 US to $304.50 US. On the spot market, gold was up $3.40 US to $303.20 US. The TSE's gold subindex rose by 1.6 per cent, making it the best-performing of the TSE's 14 subindices. Gold miners were among the most actively-traded issues. Barrick Gold was up 55 cents to $30.50 after setting a new 52-week high of $31.20 earlier in the day. Franco-Nevada climbed $1.20 to $32; and Placer Dome slipped in late trading to $21.24, down 11 cents. Gold prices have climbed about $23 US since the end of last month and is now at or near 2-year highs. Gold watchers give four main reasons for the recent surge in bullion prices: Investors, worried about Enron and other accounting irregularities, are choosing hard assets like gold as a safe haven. South African gold giant AngloGold announced Monday it would cut its hedged position by about 6 million ounces this year (some believe that the practice of hedging – selling gold forward – holds down prices). There are expectations that recent consolidation in the gold mining industry will lead to lower production. The Japanese are showing more interest in buying gold as the government moves to limit deposit insurance in the event a bank were to fail. heh heh heh (rubbing hands together in greedy gesture)

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