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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (38185)	8/1/1999 9:13:00 PM
From: long-gone	Read Replies (2) \| Respond to of 116756

Three articles for a higher gold price from CNN, is the tide turning? ARE GOLD FUNDS THE BARGAIN-HUNTERS' DREAM? MAYBE Series: Money Monday Source: Florida Today In movies like "Treasure of the Sierra Madre" and "Goldfinger" people would lie, cheat, steal, even kill for gold. These days it looks as though no one wants to go near it, including mutual fund investors. Funds that focus on gold mining stocks have dropped along with the price of gold itself, which went for $875 an ounce in 1980 but trades today in the $250 range. Through mid-July, gold funds turned in the worst year-to-date performance of all the fund categories tracked by Lipper Inc., with a return of minus 11.46 percent. By comparison, funds linked to the Standard & Poor's 500 index had a positive return of 15 percent. Look back during the past five years, and the carnage continues, with gold funds suffering an average return of minus 15.35 percent each year. The fact is, investors who have been in gold funds long-term have lost money, and they're understandably not happy. But for bargain- hunters looking for an undervalued investment, gold funds might be worth considering. (cont) cnniw.news-real.com@2@8@3@145&path=News/Category.NRdb@2@12@2@4 Less gold production anyone? // -->Ghana Gold Company Loses 63,000 Ounces Of Gold Source: Africa News Service Accra, Ghana (PANA) - Ashanti Goldfields Company Group says it lost approximately 63,000 ounces of gold at the Obuasi mine, in Ghana, during the strike by workers in May. (cont) cnniw.news-real.com@2@3@3@19&path=News/Category.NRdb@2@12@2@4 // -->Gold Price To Go Up To Us$325 By Year End Source: Africa News Service &&Harare - A South African commentator, who predicted 20 years ago that the price of gold would sky-rocket from US$266 an ounce to US$850 an ounce in six months, but was ignored by the market, says the price of gold, now currently below US$260 an ounce will rise to US$325 by the end of the year. In an article in the Smart Investor, Clive Roffey says, demand for gold is outstripping the normal supply by about 1 500 tons a year while production has been falling, declining by 7 percent in the March quarter. He says the combined sales by the United Kingdom, the International Monetary Fund and Switzerland will not make up this shortfall. The UK plans to reduce its gold reserves from 715 tons to 315 tons and plans to sell 125 tons this year. The IMF which holds 3 200 tons plans to sell up to 10 million ounces for debt relief. It needs 85 percent of its members to support this move before it can go ahead. The United States, however, has 45 percent of the weighting in the vote which means if the United States congress approves the sale it can go ahead. But some lobbyists are already arguing why the IMF should sell the gold to help poor countries when they are likely to be the worst hit by the collapse of the gold price. Switzerland plans to sell 1 200 tons over five years starting in 2002. (cont) cnniw.news-real.com@2@15@3@387&path=News/Category.NRdb@2@12@2@4