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

To: Enigma who wrote (48779)	2/10/2000 12:26:00 PM
From: long-gone	Respond to of 116759

USAGOLD Report By Michael Kosares, Author ABC's of Gold Investing Posted Wednesday, February 09, 2000 at 12:06 PM EST 2/09/00 Indications Current Change Gold 310.00 +11.90 Silver $5.36 +0.10 Gold Lease Rate 0.5900% -0.0500 Gold Comex Stocks 1,391,481 +10,763 Market Report (2/09/00): Those participating in the market for the yellow metal these days seem to have finally absorbed the implications of recent announcements regarding several major gold producers and their changing positions on production hedging. After several days of volatile price movements in what could be called knee-jerk reactions--first, to obviously good news late last week (Gold Fields and Placer Dome); followed by disappointment early this week on news that itself was positve but fell short of the market's higher expectations (Barrick.) Fundamentally, the scaling back and shift away from hedging that was announced by these majors is a positive development for future gold prices, and market players seem to be recognizing that now. Spot gold has recovered a good share of its two-day retracement, currently up more than $12 from yesterday's lows seen at this time of day. One dealer in London told Reuters that the price rise came on what he perceived to be an aggressive producer-buyback working through the market. Meanwhile, an analyst told Bridge news that the overnight climb back above $300 "clearly looks as if there is bargain-hunting going on." However, we'll want to be wary of what happens when the London session ends and New York takes full control of the price-setting. One dealer warned, "It's possible a few players may have sensed that things were a bit shaky yesterday and want to test the downside again." Barrick Gold Corp. apparently saw the market's negative reaction to their Monday announcement and concluded that it had been less-than artful in its presentation...so it tried again on Tuesday. In attempts at further damage-control, Barrick president Randall Oliphant said, "We are going forward with the reduced level of hedging and plan to fully participate in rising gold prices...we do not plan to increase our spot-deferred position based on today's gold market," as reported by Reuters. North America's second-largest producer stated that trimming its hedge position from 18.8 million ounces to 9.8 million ounces reflected its "positive outlook for gold," and that a further decrease in its hedged position remained "a possibility." For those of you missing the often insightful musings of Michael Kosares in these morning reports (he is involved in a short-term project through February), you may be pleased to see these thoughts MK offered yesterday, which I plucked from the USAGOLD discussion Forum: "The one thing that is getting lost in all the discussion about Barrick is the rock bottom fundamental change in the carry trade/forward business. It used to be that all the majors were forced to play along with Barrick and the bullion banks as a matter of survival. Now the split between the quasi-hedge funds like Barrick and the traditional producers has widened to a public chasm. Barrick stands on one side of the chasm and Gold Fields, Placer Dome, Euro Nevada and to a certain extent Anglo stand on the other. Each will try to pull the other into the chasm in an on-going tug of war. At least now we have combatants -- that alone is a major breakthrough we all need to incorporate into our thinking. As physical gold owners we are no longer alone in this battle. We have recruited some stalwart public allies in the real producers and the European Central banks. Over the course of the past week, that fact of life has become evident to the chagrin of the bullion banks and the Bank of England, and to the delight of gold advocates all over the world." Thanks MK. As we go to fetch this report to the server, gold continues its morning climb, now tacking on another $11 to yesterday's closing mark in NY, reaching above $309 per ounce. And here's some final food for thought...COMEX deliveries called-for on the February futures contracts have now reached 556,900 ounces due to change hands by month's end. That will do it for today, goldmeisters. We'll see you here tomorrow. --------- by R. Strauss tfc.com

To: Enigma who wrote (48779)	2/10/2000 12:28:00 PM
From: Gord Bolton	Respond to of 116759

TSE SYMBOL: AHD.U NYSE SYMBOL: ASL FEBRUARY 10, 2000 ASHANTI Goldfields Company Limited Makes Announcement NEW YORK, NEW YORK--Further to its announcement on 9 February 2000, Ashanti Goldfields Company Limited reports that it is having discussions with a number of its stakeholders and financiers and, over the course of the next few days, will be seeking clarification from the Courts on a number of issues. A further announcement will be made by the Company early next week. 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 in this announcement. In addition, risk factors relating to Ashanti can be found in its public SEC filings. Ashanti undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Any statements should be evaluated in the light of these factors. -30-