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

To: Bucky Katt who wrote (5253)	1/5/1998 11:06:00 AM
From: Robert Floyd	Read Replies (1) \| Respond to of 116753

Barrick Gold Corp - News Release Journal says gold outlook mixed Barrick Gold Corp ABX Shares issued 372817172 1998-01-02 close $26.85 Monday Jan 5 1998 The Wall Street Journal reports in its Friday edition that with about two-thirds of all the world's gold mining now unprofitable at current prices, a lot of people are trying to pick the bottom for the gold price, according to William Byers, head of commodities research at Bear Stearns. Reporter Aaron Lucchetti says that Mr Byers predicts that gold will spend most of 1998 at prices between US$250 and US$300 an ounce, a range in which there will be some more mines closing. Any mine closings, however, could help the metal's battered price. Gold bugs are also hoping for better growth in Asia and more signs of inflation in the US. Many analysts are watching the amount of gold put into reserves by the proposed European Central Bank. If the bank allocates more than ten per-cent of its reserves to the precious metal, analysts say the move will be viewed as a vote of confidence. Dinsa Mehta, head of global commodities research for Chase Manhattan Bank in New York, says the announcement, expected in May, will have quite a big psychological effect on gold prices. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com