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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (38479)	6/11/2009 8:52:47 PM
From: LoneClone	Read Replies (1) \| Respond to of 195465

Gold sector outperformed other global fund sectors in Q1 – S&P’s miningweekly.com By: Creamer Media Reporter 11th June 2009 Updated 3 hours ago JOHANNESBURG (miningweekly.com) – The gold and mining sector was the top performer among 16 global fund sectors monitored by ratings agency Standard and Poor’s (S&P’s) Fund Services, with a 11,1% return on the median fund during the first quarter of 2009. “Gold was boosted by its status as a safe haven and as a hedge against the inflation thought likely to result from central banks’ quantitative easing measures,” S&P’s Fund Services lead analyst Alison Cratchley said in a statement on Thursday. She added that the only other sector to record a positive return of 1,2% during the quarter, was global technology, which had benefited from strong balance sheets and attractive valuations. The worst performances came from global property, which was down by 20,4%, and finance, which was down by 19,8%. Both sectors had been adversely affected by the global credit crunch. Apart from these two sectors, returns ranged from a decline of 0,6% for the global technology, media and telecommunications sector to a decline of 16,5% for utilities. S&P’s stated that fund managers remain bullish on the outlook for gold, even after its first quarter outperformance. Cratchley noted that fund managers think gold shares still offer significant upside, given a high and still rising gold price, falling operating costs and attractive valuations relative to both the gold price and historic levels.