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

To: Tunica Albuginea who wrote (41751)	10/1/1999 10:10:00 AM
From: William Peavey	Respond to of 116800

(NewsTraders) Merrill Lifts Gold Price Estimates, Recommends ABX, NEM, ASL Merrill Lifts Gold Price Estimates, Recommends ABX, NEM, ASL, SWC (NewsTraders.com)-- Merrill Lynch said today that it is revising its gold price estimates higher as a perceived reduction in gold sales by official institutions, rising lease rates, weakness in the U.S. dollar, rising oil prices, improving Asian economic growth and concerns of rising inflation are all driving gold prices higher. Believing the European Central Bank's announcement from earlier this week that it would limit gold sales to a maximum of 400 tonnes per year as one of the most important changes in the fundamentals for the gold market in the last 10 years, Merrill is boosting its gold price estimate to an average of $300 an ounce during the fourth quarter of this year from $260 an ounce previously. In addition, the brokerage firm's 2000 estimate has been raised to an average of $315 an ounce from its prior estimate of $290 an ounce. Merrill added that it had felt that its earlier estimate was bullish when gold was $255. Among the larger capitalized North America producers, Merrill's preferred gold investment recommendations are the shares of Barrick Gold Corp. (ABX), Newmont Mining Co. (NEM) and Canada's Franco-Nevada (FN). Preferred recommendations among the Australian gold producers include Acacia Resources (AXAAF), Lihir Gold (LHRGF), Delta Gold (DGNLF), Newcrest Mining (NCMGF) and Sons of Gwalia (SOGAF). Merrill's highest rated South African gold producers are Ashanti Goldfields (ASL), Anglovaal (AGVAF) Gold Fields SA Ltd. (GLDFF) and Anglogold (ANGDF). Merrill noted that silver prices are also rallying in sympathy with gold but to a lessor extent. The brokerage firm's preferred silver exposure is the shares of Apex Silver Mines Ltd. (SIL). In addition, the brokerage firm commented that for exposure to the platinum group metals, it continues to recommend that investors maintain or increase their exposure to the shares of Stillwater Mining Co. (SWC) and Anglo American Platinum (AAPTF). Merrill Lynch's global mining team added that they would be a buyer of these shares at the current share prices. Copyright 1999 NewsTraders Inc. All Rights Reserved 10:00 Friday, October 01, 1999 * end of story * Forgive me for not purging the actual names of gold stocks in this snippet. Bill