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

To: long-gone who wrote (41561)	9/29/1999 7:46:00 PM
From: goldsnow	Respond to of 116764

GATES? INVESTMENT vehicle Cascade Investment LLC began building its position aggressively in February of this year and currently has a stake of 3.15 million shares in the Vancouver, B.C.-based company, according to a document filed this week with the U.S. Securities and Exchange Commission. Pan American Silver, a pure play silver miner with 760 million ounces of reserves, was up 2/16 at 6 11/16 in Nasdaq trading, giving Gates? stake a value of about $21 million. Gates paid about $5.25 a share on average for a total investment of about $16.5 million, according to a Pan American official. (Microsoft is a partner in MSNBC.) The disclosure of the Gates investment represented the latest vote of confidence in silver, which has rallied in recent days although prices were down Wednesday. Last year Buffett made a stir last year by announcing he had bought 130 million ounces of the metal, or 20 percent of the world?s annual supply. Recently he has declined to comment on his silver position. Advertisement Quick Gifts Books Music & Video Flowers Software Hardware More . . . In addition to his $72 billion in Microsoft stock, Gates, the world?s richest individual, also has an estimated $5 billion in other assets following several years of diversification. About 70 percent of that external portfolio is in short-term government and corporate bonds, with about 10 percent in publicly traded stocks like Pan American, according to Fortune magazine. Gates also owns substantial stakes in Chaparral Resources Inc.; which is developing oil and gas resources in Kazakhstan, Schnitzer Steel Industries Inc.; and biotech company ICOS Corp., among others, according to public records. ¸ 1999 Reuters Limited. msnbc.com