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

To: Jim McMannis who wrote (47414)	1/24/2000 4:15:00 PM
From: lorne	Respond to of 116756

Kazakh central bank says will support gold industry Almaty, Kazakhstan--Jan 24--The National Bank of Kazakhstan plans to support the republic's gold mining industry in boosting its forex/gold reserves, an official with the NBK said Monday. He said the bank plans to arrange a US $5-million syndicated loan to one of the country's largest producers, Balkhash. (Story .19109) BRIDGE FOCUS: S African gold company Harmony reaps rewards Johannesburg--Jan 24--The benefits of direct exposure to a rising gold price are no more clearly illustrated than the case of Harmony Gold Mining Co Ltd, which saw its cash operating profit more than double and after-tax earnings rise 47% to US $10.98 million (67 million rand) for the quarter ended Dec 31, 1999. (Story .19552) German Press: Metal prices may be hit when coins are scrapped Hamburg--Jan 23--The move to scrap Deutsche mark coins when the euro is introduced as a currency in 2002 could have a serious impact on metals prices, the German national debt administration agency Bundesschuldenverwaltung believes, according to a report in German newspaper Welt am Sonntag. (Story .10662) crbindex.com

To: Jim McMannis who wrote (47414)	1/24/2000 11:26:00 PM
From: Rarebird	Read Replies (2) \| Respond to of 116756

It's very difficult picking a bottom here. Everyone is so optimistic that a strong rebound is coming. When prices fall while optimism increases it is usually a recipe for much lower prices. I see the XAU heading 20-25% lower from these levels before it bottoms. Maybe I'm reading this all wrong, but I see the XAU flashing major sell signals. By the time the bottom is in, I see PDG at $7.5; HM at $4.50-$5; ABX at $12.50-$13. The bottom line is that any rally that may come from this auction is unsustainable. It can't hold. As much as I love Gold, the handwriting is clearly on the wall here.