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

To: Bobby Yellin who wrote (42783)	10/12/1999 12:33:00 PM
From: Rarebird	Respond to of 116764

European Gold Drifts, Platinum Firm LONDON (Reuters) - Gold remained range-bound in late Europe Tuesday, moving in a $7 dollar range with dealers reporting quiet business. Platinum remained above the $430.00 level after Monday's rally as lease rates remained at very high levels. Gold was last quoted at $318.00/$320.00 a troy ounce, unchanged from Monday's New York close but off the day's high at $324.00. ''It is doing nothing, gold is just waiting for the next push,'' one dealer said. The London Bullion Market Association said earlier Tuesday that average daily gold turnover reached 37.1 million ounces in September, up two percent from August. Daily average values rose by five percent in September to $9.8 billion. Dealers said business tapered off this week, since prices had rallied sharply in the wake of the pledge by 15 European central banks two weeks ago to limit sales and gold lending. Some gold producers with large hedge positions were caught by the sharp rally, finding it difficult to cover their hedges after having sold large amounts of metal forward to lock in better prices before gold's surge to near two-year highs last week. Producers May Face Hedge Crunch Monday, Lonmin said it was making a conditional all-share offer for Ghana's Ashanti Goldfields Co. Ltd. which values Ashanti at $835 million. The deal is contingent upon Ashanti's hedge counterparties agreeing to a standstill on hundreds of millions of dollars in margin calls owed by Ashanti. Bullion dealers said if gold moved higher, more producers could face financial problems. ''There are a lot of bad things to come out, especially if gold goes higher,'' one dealer said. Producers with large hedge books would face problems if gold moved to $350.00 and above. ''If it went to $350 and held there, it would cause.... the same problems as Ashanti. If it goes to $400, it would bring more people in,'' the dealer said. Platinum was last quoted at $430.10/$435.10, up from the New York close at $422.00/$427.00 after fixing at a two-year high of $436.00 in the morning. Traders said platinum lease rates remained at high levels, quoted around 75 percent Tuesday. ''Lease rates are still very high and if they remain at this level, the price will go higher,'' one platinum dealer said. Palladium was last quoted higher at $394.00/$399.00 from the New York close at $392.50/$397.50. Silver was quoted higher at $5.53/$5.56 from the close at $5.54. PS CUT The SOAP OPERA. SAY SOMETHING ABOUT GOLD!

To: Bobby Yellin who wrote (42783)	10/12/1999 12:44:00 PM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 116764

<OT> Why does everyone have to pick a part every ones posts. this is a gold thread, I really would enjoy the yellow stuff. I sure don't feel she is hawking, if you don't want to go, that's fine, don't read it. I sure want to go there. You don't say any thing about Doug, He post stuff people pay for. That would make me mad, pay for info, and he posts it for free. You said Bill Murphy was begging for money,and you don't like it. He has not posted here in months. unless I missed some. show me the post he was begging for money, this month. Happy buying gold in gold boom.

To: Bobby Yellin who wrote (42783)	10/12/1999 1:40:00 PM
From: Rarebird	Respond to of 116764

LONDON-- ( BUSINESS WIRE ) --Oct. 12, 1999--The Board of Ashanti Goldfields Company Limited ( "Ashanti" ) notes the announcement by the Board of Lonmin Plc ( "Lonmin" ) of the outline terms of a merger proposal they have submitted to the Board of Ashanti ( the "Lonmin Merger Proposal" ) . The terms of such proposal are on the basis of an exchange ratio of 32 new Lonmin shares for every 43 Ashanti shares not currently owned by Lonmin. The Board of Ashanti is currently considering the Lonmin Merger Proposal with its advisers and discussing it with the hedging counterparties and the lenders under Ashanti's $270 million revolving credit facility ( "RCF facility" ) . The Lonmin Merger Proposal is conditional, inter alia, upon the irrevocable commitment of the Ghanaian Government ( which owns approximately 20% of Ashanti ) to support the merger, the unanimous agreement of Ashanti's hedge counterparties to a standstill covering Ashanti's outstanding obligations and appropriate shareholder approvals. The Ashanti Board will consider the Lonmin Merger Proposal once the pre-conditions to the Merger Proposal have been satisfied. Ashanti's securityholders and other investors should exercise extreme caution before dealing in Ashanti's securities and should note that the terms of Lonmin's proposal remain to be negotiated, including with the hedging counterparties and the lenders under the RCF facility. Accordingly, there can be no assurance that a definitive merger proposal will ever be made or, if made, will be made on the terms referred to above and, in the meantime, the prospects of a definitive merger proposal could vary significantly as negotiations proceed. This announcement is not an "offer for sale" in the United States within the meaning of such term under the Securities Act of 1933, as amended, and the rules promulgated thereunder ( the "Securities Act" ) . Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Certain of the statements made in this announcement are forward looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. These factors include, but are not limited to, statements made elsewhere in this announcement. In addition, risk factors relating to Ashanti can be found in its public SEC filings. Ashanti undertakes no obligation to update publicly any forward looking statements whether as a result of new information, future events or otherwise. Any statements should be evaluated in light of these factors.

To: Bobby Yellin who wrote (42783)	10/12/1999 1:50:00 PM
From: Rarebird	Read Replies (1) \| Respond to of 116764

Rising Inflation on the Way : U.S. Business Group Sees Rising Prices WASHINGTON (Reuters) - U.S. businesses saw higher materials and wages costs in the third quarter and many plan to raise their prices before the end of the year, a business group said Tuesday. The National Association of Business Economics also reported continued strong demand growth in its third-quarter survey, while exports also gained strength. ''The best news on the inflation front is ... behind us,'' said NABE President Diane Swonk. ''Exports are beginning to come back and pricing power is improving. Material costs and wages are also rising, and profit margins appear to be narrowing.'' NABE polled 103 of its members, professional economists working for companies throughout the country, on business conditions at their firm or industry. It carried out the survey in September. It said 28 percent of firms expected to raise prices by more than 2 percent this year. A further 21 percent expected to raise prices by less than 2 percent. In the third quarter, materials costs rose at 36 percent of firms surveyed, up from 32 percent in the second quarter, while costs stayed the same at 49 percent of firms. Labor costs rose at 32 percent of businesses surveyed in the quarter, while only 2 percent reported lower wages, the survey said. Fifty-six percent reported rising demand, up from 53 percent in the second quarter, while 28 percent said it was unchanged and 16 percent said it was falling. While the majority of NABE respondents' firms do not export, those that do reported the strongest quarterly performance in two years. Forty-six percent reported rising exports, 39 percent said exports were unchanged and 15 percent said they were falling. The survey also said that no firms expected to boost inventories significantly before the end of the year, despite earlier expectations that firms would build inventories to avoid possible disruption from the millennium computer bug. Only 36 percent said they would boost inventories at all, with the remainder expecting them to stay the same or decline.