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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks!
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To: Harry K who wrote (633)12/4/1997 9:43:00 PM
From: Brian Gerbozy  Read Replies (3) of 1348
 
Here is a comment:

Bad news on two fronts today...

Lehman Brothers said 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, BARRICK GOLD CORP, HOMESTAKE MINING CO,NEWMONT MINING CORP and PLACER DOME INC. (Reuters 10:32 AM ET 12/03/97)
For the full text story, see infobeat.com

and

Gold futures Wednesday fell to their lowest price since 1985 after
Argentina announced it sold its entire stockpile of non-minted
gold, reinforcing fears the days of the metal's use as a
government investment tool are numbered.

Gold fell after Argentina's Central Bank announced late Tuesday
that it had sold nearly four million ounces of gold -- all the
country's non-minted reserves -- in the first half of the year to
invest in U.S. Treasury bonds, which offered a higher rate of
return. Argentina's government also said it planned to sell the
bulk of its gold coins that were minted prior to 1892.

The announcement came just as gold futures appeared to be
stabilizing from a 20% plunge in prices this year on fears that
European central banks would sell their holdings within months of
the formation next year of a common European Union central bank.

Central banks hold about one-third the world's gold supply and
increasingly are frowning upon large stockpiles of the precious
metal because of its low return rate and declining value.


Well??? Your opinions are always welcome Claude. Harry thanks for hte info. Brian
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