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

To: ild who wrote (95098)	5/22/2003 4:01:06 PM
From: goldsheet	Read Replies (1) \| Respond to of 116836

MACRO: Most US gold production is in Nevada (Barrick/Newmont), so whatever benefits they are getting from a strong $US are probably being offset by their diversified worldwide operations. (ABX/NEM Kalgoorlie JV in Australia must be hurting with strong $A) Heck, that's why one diversies in the first place - smooth out the bumps ;) MICRO: If you realy feel like digging into operations reports for Nevada mines you will find that ore grades are decreasing, labor and fuel cost have gone up, resulting in increased cash costs. Gold may average $50-60 more in 2003 vs. 2002, but I suspect Nevada mine cost are up $25-30, effectively cutting the benefit of higher gold prices in half. They are doing well, but only half as well as one might have expected !