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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Square_Dealings who wrote (76187)	6/19/2003 8:35:23 AM
From: bcrafty	Read Replies (1) \| Respond to of 209892

Gold sector downgraded by CS First Boston 7:05 am 06/19/03 By Tomi Kilgore NEW YORK (CBS.MW) -- Analyst David Christensen at CS First Boston lowered his gold sector rating to "market weight" from "overweight," citing the "horrific" operating performance reported by gold miners due higher operating costs and recent gold stock trading activity. Christensen also said that gold prices have averaged $346 an ounce so far in the second quarter versus $352 in the first quarter, the first time gold prices have not increased sequentially in the last 10 quarters. Christensen added that most reports of demand for gold, especially in the jewelry market, have been negative, while mine production has increased. He noted that gold prices rose 11 percent over the last three months, while gold shares rose 21 percent. "In our view, the recent rally in the gold price is not supported by fundamentals but is more reflective of short-term speculative trading activity," Christensen said in a note to clients.