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

To: long-gone who wrote (47379)	1/23/2000 3:57:00 PM
From: Alex	Read Replies (1) \| Respond to of 116764

?Gold price may shine 7% brighter this year? Marius Bosch LONDON 23 JANUARY GOLD should average around $297.64 a troy ounce in 2000, almost 7 per cent higher than last year, with the bullion market likely to focus less on central bank sales, according to a Reuters poll. The poll of 22 analysts in London, New York, Sydney ? Johannesburg, and Tokyo found that gold will average at $297.64 this year, 6.84 per cent up on the 1999 average afternoon fix of $278.57. The rest of the precious metals complex is also seen averaging higher, with silver 1.12 per cent up at $5.38, platinum 9.47 per cent higher at $412.15 and palladium 6.67 per cent higher at $400.65. Nineteen analysts submitted forecasts for silver, 16 for platinum and 15 for palladium. Gold was seen moving into a higher range with sporadic periods of volatility although more transparency and regularity in official sector activity will help reduce sensitivities on the issue of official sector sales. ?The coming year for gold is likely to be characterised by further protracted periods of range-trading, interspersed with short-lived bouts of high volatility,? JP Morgan analyst Kevin Crisp said. Official sector sales, responsible for gold?s wild and volatile moves during 1999 from a 20-year low of $251.70 in August to a two-year high of $338.00 in early October, are not seen affecting the market like they did last year. Many analysts said they expected 15 European central banks, who pledged in September last year to limit gold sales, lending and derivatives activity to 2000 tonnes over five years, to hold to the agreement. ?We remain optimistic that the European accord will hold and there will not be any major negative central bank shocks in 2000,? said Kamal Naqvi of Macquarie Equities in London. Goldman Sachs Equities Research in New York forecast the average gold price in 2000 to be $325.00 an ounce. ?It might be overly aggressive. But we do think that GDP growth in non-Western countries...is going to have a positive impact on gold demand as will the much higher oil prices in the West Asia,? said equities analyst Daniel McConvey. ?Reuters economictimes.com