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To: Glenn D. Rudolph who wrote (125742)	5/30/2001 7:50:10 PM
From: craig crawford	Read Replies (1) \| Respond to of 164685

05/30 16:23 Gold Has Biggest Drop in 1 1/2 Years on Selling by Speculators By Claudia Carpenter quote.bloomberg.com (excerpts) New York, May 30 (Bloomberg) -- Gold had its biggest loss in 1 1/2 years on selling by speculators whose purchases sparked a rally to a 15-month high. Jeweler Inventories The cost of borrowing gold for one-month, at 2.08 percent on an annual basis, has doubled in the past three months. That's also discouraged some jewelers from replenishing inventories with borrowed gold. Michael Anthony Jewelers Inc., the biggest gold jewelry manufacturer in the U.S., has slowed such borrowing as lease rates rose. The gold supply held by the Mount Vernon, New York-based manufacturer has dropped 10 percent in the past year to 180,000 ounces, said Allan Corn, the company's chief financial officer. ``Higher lease rates have definitely made us look much more carefully at our inventory,'' he said. Gold has lost a third of its value since 1996, as sales of bullion by central banks added metal to the market at a time when tame inflation gave investors little reason to buy.

To: Glenn D. Rudolph who wrote (125742)	5/30/2001 8:08:39 PM
From: craig crawford	Read Replies (1) \| Respond to of 164685

This should make HM even more leveraged to gold in the future thus making it my favorite major gold play. Homestake Agrees to Acquire Cowal Gold Project in New South Wales, Australia www2.marketwatch.com; 5/30/2001 6:01:00 PM WALNUT CREEK, Calif., May 30, 2001 /PRNewswire via COMTEX/ -- (ALLFINANCIAL) "The acquisition of the Cowal project represents an excellent opportunity for Homestake to expand its gold reserves and future production on a per-share basis without compromising the Company's financial strength and its geo-political risk profile," said Jack E. Thompson, Homestake's Chairman and Chief Executive Officer. "We are gratified by the fact that Homestake was able to leverage its position as Australia's second largest gold producer into a 100% interest in this highly prospective development project. We plan to capitalize on our technical strengths and proven track record of superior environmental management and community relations to turn Cowal into a prolific gold producer."