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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

4:00 PM EST

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To: Greg Ford who wrote (3773)	12/3/1997 11:01:00 AM
From: Bucky Katt	Read Replies (1) of 116764

Lehman Brothers said Wednesday it remained bearish on gold mining stocks and recommended reducing positions in the sector. -- In a research note, analyst Peter Ward said, ''We do not believe gold mining equities have fully discounted the drastic decline in gold price which has already taken place. In addition, we believe there is a real possibility gold could decline even lower.'' -- Said would continue to reduce positions in Amax Gold Inc (NYSE:AU - news), Barrick Gold Corp (Toronto:ABX.TO - news), Homestake Mining Co (NYSE:HM - news), Newmont Mining Corp (NYSE:NEM - news) and Placer Dome Inc (Toronto:PDG.TO - news). -- Cited Barrick as having the most attractive valuation and a very healthy financial position, but said ''unless gold prices rebound significantly, we do not believe Barrick shares will outperform the S&P 500 over the next 12 months.'' -- Called a significant and sustainable rise in gold price unlikely over the next year.

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