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

To: Richard Mazzarella who wrote (59849)	10/16/2000 3:47:56 PM
From: Gord Bolton	Respond to of 116764

Investors Turn To Gold As Tension Rises Source: Africa News Service Publication date: 2000-10-16 Johannesburg - The gold index on the Johannesburg Stock Exchange enjoyed a strong run on Friday as investors scrambled into old economy stocks following the technology wipe-out on the Nasdaq in the US and fears of a possible full- scale war in the Middle East. Gold stocks were the big winners. As the rand continued to rack up new lows against the US dollar, the gold price climbed steadily through Thursday and Friday before pulling back late in the afternoon on Friday. This meant that SA gold producers who sell their product in US dollars but receive revenue in rands were selling at record levels in rand terms. Gold was fixed in London at 275,85/oz on Friday morning before closing at $273,25 in the afternoon. On Thursday morning gold was trading at $270 and was threatening to move into the high $260 levels before air attacks by Israel on Palestinian property pushed up the gold and oil prices overnight. In rand terms gold was at record levels, trading above R65500/kg for most of the day. Top performers on the JSE were Gold Fields, AngloGold and Harmony, all of which climbed more than 5% on the day. The gold index rose 4,75% to 964. Analysts say that shares are still undervalued, reflecting a lower gold price, and could run much more if the crisis in the Middle East continues. The higher rand revenue will not be reflected in third quarter results for the gold companies, which kick off today with Harmony. Analysts expect Gold Fields to show the healthiest results, while other producers will show flat or even lower earnings compared with the second quarter because of low revenue prices and operational problems across the board. (Copyright 2000 Business Day.) Distributed via Africa News Online by Africa News Service. (Copyright 2000 Africa News Service) Publication date: 2000-10-16 © 2000, YellowBrix, Inc. Company MultiLinkTM Find out more about these companies. The Nasdaq-Amex Market Group cnniw.yellowbrix.com