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Gold/Mining/Energy : Ontex Resources (ONT Alberta) -- Ignore unavailable to you. Want to Upgrade?

To: wharryr who wrote (405)	9/27/1999 7:39:00 AM
From: mark warburton	Read Replies (1) \| Respond to of 519

$283 call for $300 coming in from analysts!!! Central bankers to freeze sales. Story Below. Now all we really needs is the protests in London to put enough pressure for the Bank of England to halt their sales and this thing will go completely balistic. There is not enough gold around to cover the shorts in place. For Ontex you have a 14 dollar rise presently on a resource of say 400,000 ounces including the recent drilling and the Placer reserve calculation. 14x400,000 - 5.6 million Us or just over 8 million Canadian divided by the share float of 40 million and you have an over night gain of 22 cents per share. Keep in mind thats on proven and no allowance is made for future findings. Ontex is a steal under a dollar and should now begin a rally to new highs. FWN: 013746 CT Asia Precious Metals Review: Gold Surges US $13 on EU Statement Sep. 27-MAR-- [B] Asia Precious Metals Review: Gold surges US $13 on EU statement By Polly Yam, Bridge News Hong Kong--Sep 27--Spot gold rose by US $13 to $284 from $271 in Asian opening due to massive short-covering worldwide on a statement from major European central banks Sunday that said the banks would cap their gold sales, dealers in Hong Kong said. Market sentiment turned from mixed to bullish today and many expect the price to rise to $300 in the near future. * * * The European Central Bank, 13 EU central banks and the Swiss National Bank released a statement on Sunday in Washington to clarify their positions on their gold reserves. The statement said that there would be no sales beyond those already announced over the next 5 years and that the annual sales will not exceed approximately 400 tonnes and that total sales over a period of 5 years will not exceed 2,000 tonnes. (Story .13317 .13702) The statement also said the signatories have also agreed not to expand their gold leasings and their use of gold futures and options over the 5 years. It stressed that gold is to remain an important element of global monetary reserves. Also on Sunday, the International Monetary Fund announced that it has officially endorsed a plan to re-value 14 million ounces of its gold reserves through off-market gold sales. (Story .13237) This eliminated previous fears that the IMF's gold sales in the open market would push down spot prices. The dealers said players holding short positions worried that they would not be able to borrow sufficient gold to cover their positions because those central banks will not lease more gold to the market. This forced many shorts to cover their positions in the spot market today, they added. As Sunday's statement reconfirmed gold status as "an important element of global monetary reserves", market sentiment quickly turned to bullish, which attracted some fresh buying, they said. Some dealers see gold rising further in the overseas market today to $290 and to $300 in the near term. Others, however, were cautiously optimistic about a further rise, saying that gold was overbought as the price has already risen $13 in Asia. Due to the strong gold, silver, platinum and palladium were steady in sluggish trade as dealers focused on gold. (Also see story .2192 for Tokyo Commodity Exchange precious metals futures commentary.) Spot precious metals prices are in US dlrs per ounce: Hong Kong 0515 GMT Hong Kong 0000 GMT Friday's New York Gold 283.00-285.00 271.05-272.00 268.40-268.90 Silver 5.30-5.32 5.30-5.32 5.27-5.30 Platinum 377.50-380.50 377.50-380.50 371.50-373.50 Palladium 358.00-362.00 358.00-362.00 357.00-362.00 End Tel: (852) 5299-2466 Send comments to Internet address: metals@bridge.com The Bridge ID for this story is 02200 (c) Copyright 1999 FWN Member Login \| Become a Member \| Order Entry \| Press Releases \| Real Time Services \| Contact Us \| Links \| FAQ \| Home \| Site Map