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

To: Bobby Yellin who wrote (3501)	11/24/1997 9:08:00 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 116815

BY-- Maybe made by hand by laid off Chinese steel workers? That would be even cheaper than buying machinery. They will work very very cheap. And, if China devalues, cheaper yet.

To: Bobby Yellin who wrote (3501)	11/24/1997 10:24:00 AM
From: Garry K.	Respond to of 116815

Financial Post survey on gold sentiment... Bulls v. Bears Bears dominate in gold poll Monday, November 24, 1997 By Susanne Craig Investment Reporter For the first time since The Globe and Mail's Bulls v. Bears survey of financial market professionals began in June, 1996, bearish sentiment about gold outweighs bullish sentiment. In the latest survey, more than 38 per cent of respondents predicted gold prices will be lower in six months, a marked turnaround from even two weeks earlier, when only 19 per cent were bearish. Just a year ago, 63 per cent of respondents were bullish about gold. The latest survey shows that the number of market professionals optimistic about the six-month outlook for gold slipped 14 percentage points to just 27 per cent from 41 per cent two weeks earlier. A month ago, 48 per cent of those surveyed were bullish that gold prices would rise. Respondents have become increasingly bearish as the price of the yellow metal continues to drop like a rock. Gold stocks have been under incredible pressure recently as the price of bullion continues to hover dangerously close to $300 (U.S.) an ounce, a level not seen since 1985. The Toronto Stock Exchange's gold and precious minerals index has fallen 1.68 per cent in the past five days, bringing the year-to-date loss to a staggering 43.3 per cent. The TSE 300-stock composite has gained 14.3 per cent so far this year. To add insult to injury, a number of other factors are pushing gold prices even lower. Last month, Switzerland said it might sell off up to one-third of its reserves. And Germany's Bundesbank acknowledged it is lending out some of its gold reserves, which pushed prices lower again. In July, Australia said it had sold off two-thirds of its gold reserves. During the past two weeks, market pros have also become more bearish about the U.S. stock market. Fifty-four per cent of respondents forecast New York's Standard & Poor's 500-stock index will drop during the next six months, compared with 41 per cent who were pessimistic two weeks earlier. Those expecting the index to rise dropped nine percentage points to 29 per cent. The negative perceptions about the U.S. market could be a backlash from the dramatic comeback U.S. stocks have posted since the stock market correction of Oct. 27, when New York's Dow Jones industrial average fell 7.18 per cent. The blue-chip index closed above the 7,700 mark this week for the first time since the correction -- and now observers could be wondering if further gains are sustainable. Optimism about Canadian stocks continues to wane, with only 43 per cent of respondents predicting the TSE 300 will be higher within six months -- down from 52 per cent two weeks earlier. In the Oct. 13 survey, 64 per cent of those polled were bullish about the TSE. But in a surprise turn, negativity about the TSE has also eased. The number of respondents predicting a downturn within the next six months has dropped two percentage points over the past two weeks to 29 per cent. Since the survey was launched, market experts have been decidedly bullish about the TSE 300, with bearish sentiment never outweighing bullish sentiment. The proportion of pros forecasting a rise in bond prices during the next six months has inched up one percentage point to 36 per cent. Pessimism about bond prices has increased four percentage points to 37 per cent. Some investment experts consider sentiment surveys such as Bulls v. Bears to be contrary indicators. For them, excessive bullishness is taken as a bad sign, while a healthy dose of cautious sentiment bodes well for actual further gains. The Bulls v. Bears is a proprietary survey developed by The Globe and Mail as an indicator of Canadian professional market sentiment. There were 28 respondents to the latest survey. The investment pros fight it out Every two weeks we survey money managers, strategists and advisers on where they expect financial markets to be in six months -- up, down or unchanged. Here is what they think this week % Bullish % Bearish* TSE 300 43% 29% S&P 500 29% 54% Bond prices 37% 37% Gold 27% 38% -* The rest are neutral.