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

To: c.hinton who wrote (77815)	10/2/2001 11:00:25 AM
From: long-gone	Respond to of 116758

Thoughts on how this might impact gold demand anyone? India Wants US to Extend Fight against Terror to Kashmir By T.C. Malhotra CNSNews.com Correspondent October 02, 2001 (CNSNews.com) - India's external affairs minister says he has no doubt that the United States plans to address terrorism on a global scale, not just attacks directed against the United States. External Affairs Minister Jaswant met with President Bush and National Security Director Condoleezza Rice for about an hour Monday in Washington, discussing common concerns about terrorism. The government of India is especially eager for the United States to extend its fight against terrorism to Jammu-Kashmir, which is India's only state with a Muslim majority. "India is a key partner in the global coalition against terrorism, and we do believe that terrorism must be ended everywhere," said State Department Spokesman Richard Boucher. The United States strongly condemned Monday's terrorist attack in Jammu-Kashmir. At least 30 people died, most of them civilians, when a suicide bomber blew up a hijacked vehicle at the gate of state legislature building. Other accomplices stormed the Assembly (legislature) complex, firing indiscriminately. "We think that no cause can justify the deliberate targeting of civilians in this manner," said Boucher. A Pakistan-based militant group claimed responsibility for Monday's attack in Jammu-Kashmir state. India accuses Pakistan of supporting, arming, and training those Kashmiri separatists. However, in a brief statement released over the official media, Pakistan condemned the car bomb attack, saying the act of terrorism was aimed at "maligning the Kashmiris' struggle for their right to self-determination." Conveying India's anger about the latest terrorist attack in Kashmir, Prime Minister Vajpayee on Monday cautioned Pakistan, "There is a limit to the patience of the people of India." "At a time when the democratic world has formed a broad and determined coalition against international terrorism, India cannot accept such manifestations of hate and terror from across its borders," said India's External Affairs Ministry in a statement. For the last 12 years, more than a dozen Islamic militant groups have been fighting in India's Jammu-Kashmir state for independence from India. Pakistan openly supports the Kashmiri militants but it denies India's claim that it arms and trains the rebels, including some who are loyal to Afghanistan's ruling Taliban militia. The Himalayan region of Kashmir was divided between India and Pakistan after they gained independence in 1947. Both countries claim the entire region, and they have fought two wars over it. Ironically, the terrorist attack on the United States has put the Pakistani and Indian governments on the same side in President Bush's "war on terrorism." The two enemies are now both U.S. allies, something that may only increase the tension between them. cnsnews.com\ForeignBureaus\archive\200110\For20011002a.html

To: c.hinton who wrote (77815)	10/2/2001 1:52:16 PM
From: long-gone	Respond to of 116758

Bill Gates playing gold also: Bill Gates took a stake in us! By: Tim Wood Posted: 2001/10/02 Tue 01:00 ZE2 \| © Miningweb 1997-2001 DENVER -- Earlier this year at the PDAC shindig in Toronto, the CPM Group warned that silver demand could fall off a cliff because of rationalisation in the global photographic market. Not so, says Pan American Silver [PAAS], whose three mines make it a dominant force in the silver market. Pan Am Silver expects to produce 7.5 million ounces of gold this year after a massive development programme that will eventually take production to a projected 12 million ounces by 2003. Proven and probable reserves are 162.4 million ounces. It is also a substantial copper and zinc producer. Pity, then, that prices are not playing along. Silver prices remain dormant while zinc prices have caved, falling from 52 cents per pound to just 32 cents. As a result, despite cutting costs to the bone just as the gold industry has, Pan Am Silver is currently losing around $100,000 a month. That is not an inordinate amount and investors will be more than reassured by the 14 per cent or so stake that software billionaire Bill Gates has acquired. COO John Wright outlined some of the reasons Gates is in the stock. He says it is difficult to build a large position in silver with just 20 major mines worldwide, of which Pan Am Silver owns three. New supplies are dwindling with little active exploration and no new silver discoveries (more than 50% of resources) in recent years. Wright says only Pan Am Silver is engaged in significant exploration and he singles out its Oaxaca project. Fundamentally, the slump in commodity demand will doubtless hurt the company although Wright says there is a silver lining (pun intended) with the metal attracting attention as "poor man's gold" – a cheaper alternative to the more traditional safe haven investors seek in gold. More positively, the overall market remains in serious deficit although the gap has been narrowing rapidly since it peaked in 1996. Demand growth remains steady with surprisingly robust growth from photographic sources, despite the CPM Group's earlier dire warnings about China's influence over the market. As is now the case with nearly every commodity, the metal has also failed to respond to the traditional stimulus from heavily falling silver bullion inventories. Stockpiles are at historic lows around 210 million ounces, way off all-time highs that exceeded 1.8 billion ounces. Pan Am Silver has built an attractive profile with compelling reasons to invest in it. But, with fundamentals in the tank and monetary demand negligible, I'm still inclined to favour gold stocks. What's more, most of them are still available at a discount to net asset value which is not the case with Pan Am Silver. mips1.net