Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: long-gone who wrote (94499)	4/10/2003 12:22:52 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 116972

Gold seen eyeing $350 on economic outlook -GFMS Thursday April 10, 8:00 am ET LONDON, April 10 (Reuters) - Gold prices may return above $350 an ounce in the second half of this year based on a weak outlook for stock markets and the dollar, consultants Gold Fields Mineral Services (GFMS) said on Thursday. GFMS, releasing its Gold Survey 2003, said gold had that potential given its status as a haven for investors. "The recent correction in the gold price from its early February high could at least be partially reversed, probably in the second half of the year, as investment demand begins to pick up again," said GFMS managing director Philip Klapwijk. Spot gold (XAU=) was trading around $324 an ounce in London, down from a 6-1/2 year high of $388.50 hit in February when investors piled into the metal ahead of the war in Iraq. The metal hit a four-month low of $318.75 this week as U.S. forces advanced into Baghdad, signalling the possible final stages of the conflcit. "The war premium may have imploded as some uncertainty lifted and on euphoria over what looks like a relatively easy victory for the U.S.-led forces in Iraq. But that's not done too much to change the economic outlook which remains pro-gold," Klapwijk said. GFMS saw further stock market weakness, especially in the United States, as a strong possibility. That, together with a still weak dollar and low interest rates, was seen as a framework within which investors could return to gold to drive the price back over $350. "A return of the rally would be all the more likely and that much stronger if the U.S. decides to extend its war on terror post-Iraq," Klapwijk said. GOLD SUPPLY FALLS, JEWELLERY DEMAND DOWN GFMS's survey estimated that world gold mine production in 2002 fell by a modest 36 tonnes year-on-year to 2,587 tonnes, the first decline since 1994. "The drop was mainly due to heavy falls in the United States and Indonesia, which countered gains elsewhere, for example, in Africa, South America -- chiefly Peru --, China and Russia," GFMS said. For miners, their total cash costs in 2002 rose by $4 an ounce to $180 an ounce, the first rise in five years and mainly due to lower production, higher power costs and currency appreciations. Official bullion sales by central banks rose five percent to 556 tonnes with heavy selling seen during the fourth quarter when prices reached highs. Lending, by contrast, fell by 266 tonnes largely due to low lease rates. On the demand side, GFMS reported that total fabrication declined almost 10 percent year-on-year to 3,175 tonnes in 2002, mainly due to an 11 percent slump in jewellery offtake. Jewellery fabrication in 2002 fell to 2,689 tonnes, its lowest since 1994, because of slowing global economic growth, political and economic uncertainties such as the Iraqi crisis and changing consumer expenditure patterns. "The decline was yet steeper at 17 percent on the basis of fabrication excluding scrap," GFMS said. Net outstanding producer hedge positions accelerated sharply last year to 423 tonnes from 151 tonnes in 2001 as miners' price expectations rose, shareholders pressured company boards to reduce their hedge books and as the contango stayed weak. Reuters

To: long-gone who wrote (94499)	4/10/2003 12:59:43 PM
From: Richnorth	Respond to of 116972

You made a couple of good points! What I had in mind was sport fishing within N. America relatively far away from the swampy areas of Florida and the bayous of Louisiana, very much like the stuff you see on TV about fishing for steelheads, bass, trout, pickerel, northern pike, muskelunge & etc. By the way, I don't know how awful is the taste of alligator-gar. But I am quite sure if you give it to some Chinese guys, they will come up with a fine recipe for it sooner or later!