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

To: Enigma who wrote (42437)	10/8/1999 9:31:00 AM
From: Rarebird	Read Replies (1) \| Respond to of 116764

The Employment Report for September looks very Bearish for Equities: Little Job Growth ( factoring in the Hurricane ) and a .5% rise in hourly earnings. Moreover, job growth was revised downward in August. Wage Pressures are building as we speak.

To: Enigma who wrote (42437)	10/8/1999 9:36:00 AM
From: Alex	Read Replies (2) \| Respond to of 116764

Welcome back E.................. Gold lower in early afternoon Sydney trade on Miyazawa comment SYDNEY (AFX) - Gold was sharply lower in early afternoon trade, following reported comments from Finance Minister Kiichi Miyazawa who said the Bank of Japan is not really interested in holding large gold reserves, dealers said. At 3:40 PM, the metal was at 317.00 usd, down 6.50 from its Sydney close yesterday. Miyazawa is reported to have said, following the announcement of the government's supplementary budget plans, that Japan is not interested in either selling or buying large ammounts of gold. Meanwhile Deutsche Bank gold analyst Greg Foulis said the equity market has become too preoccupied with potential risks in producer hedge books and is only valuing gold stocks at a gold price of 300 usd an ounce. At 3:40 PM, on the Australian Stock Exchange the gold index was down 45.7 points or 4.21 pct at 1,039.3. "We believe the valuation impact of a 20 pct plus rise in the gold price more than offsets negative hedging issues ... we do not believe major Australian producers will be blown up by hedge books at the current gold price." "Fundamentally, we believe the increased valuation of unhedged reserves and resources is the dominant impact of a rising gold price i.e., in the recent rally, unhedged ounces in the ground have a 70 usd/oz higher margin/option value," he said. Foulis said there has not been a radical change in the hedging profiles and attitudes of Australian producers over the past year. "In a broad sense there has not been a significant amount of net new hedging year-on-year ... the volume of hedging (currently) is roughly half options and half forwards." jrw/mb/cjh For more information and to contact AFX: www.afxnews.com and www.afxpress.com ¸ Copyright 1999, The Nasdaq Stock Market, Inc. All Rights Reserved.