If I understand this, it isn't good for stock.Australian Gold Stocks Rise as Metal's Price Jumps (Update2)
By Dudley White
03/27 23:16
quote.bloomberg.com
Melbourne, March 28 (Bloomberg) -- Australian gold stocks rose, led by Lihir Gold Ltd. and Aurion Gold Ltd., after the precious metal posted its biggest gain in seven weeks because of increasing demand from Japanese investors.
Gold for immediate delivery rose as much as 0.5 percent, to $302.85 a troy ounce, after a 1.9 percent gain yesterday, the biggest since Feb. 5. In Tokyo, gold today rose as much as 2.1 percent. Bullion has gained about 18 percent since falling near its lowest level in more than 20 years in April last year.
Japan's gold imports rose more than sixfold in February as some bank depositors switch savings to gold because the government is going to limit its guarantee against bank failures for time deposits to 10 million yen ($75,500) from April 1. Tanaka Kikinzoku Kogyo KK, Japan's largest bullion seller, increased its sales ninefold in February.
``Our biggest one-time buyer was a customer who bought 200 one-kilogram bars in mid-February,'' said Osamu Ikeda, a spokesman at Tanaka Kikinzoku Kogyo. ``He isn't a usual buyer or a specialist gold investor but he just popped into our office alone, and bought 200 kilograms over the counter.''
The Australian Stock Exchange's index of gold stocks rose as much as 47.4, or 3.7 percent, to 1,323.80, the highest level since July 1996. Fourteen of the index's 19 members rose, three fell and two were unchanged. |
