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To: re3 who wrote (100569)	4/14/2000 1:06:00 PM
From: H James Morris	Respond to of 164684

Ike, Bought Pdg @ 8 1/8. > Toronto, April 14 (Bloomberg) -- Placer Dome Inc. and other Canadian gold stocks soared as investors sought a hedge against inflation and plunging technology shares after U.S. consumer prices rose at the fastest pace in more than five years in March. The Toronto Stock Exchange's gold index surged 278.33, or 6.8 percent, to 4373.62, its best day in more than two months. The ten best-performing stocks in the benchmark TSE 300 Composite Index, which plunged 200 points in the first two minutes of trading, were all gold miners. Gold stocks' gains came after a report revealed that prices paid by U.S. shoppers, excluding food and energy costs, rose 0.4 percent in March, doubling expectations. A report yesterday showed retail sales also doubled economists' expectations in March. ``Growth is coming at the expense of inflation, and gold is a store of value in times of inflation,' said John Ing, president of Toronto brokerage Maison Placements Inc. ``The higher the Nasdaq got, the dimmer people's memories were that this has happened before.' Placer Dome rose C$1.30 ($0.90) to C$12.75, while Barrick Gold Corp. gained C$1.55 to C$24.95. Agnico-Eagle Mines Ltd. rose C$0.50 to C$8.75, Goldcorp Inc. gained C$0.70 to C$9.50 and Glamis Gold Ltd. rose C$0.15 to C$2.95. Battle Mountain Canada Inc. rose C$0.34 to C$3. U.S. gold stocks also rose. The Standard & Poor's Gold index gained 4.4 percent, the best of 88 industry groups. The TSE's gold index has dropped 41 percent in the last two years amid central bank sales of the metal in favor of higher- yielding assets and mining companies' own hedging programs, which sell gold before it's mined in an effort to lock in prices. Ing said that with central bank sales capped for the next five years and mining companies scaling back hedging programs, the likelihood that bullion and gold stocks will fall further is limited. ``You have less supply, demand is at record levels -- share prices can only go up as the craziness of Nasdaq prices sinks in,' Ing said. ``To me, this is an expected rotation from technology into hard assets.' Apr/14/2000 12:02