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

To: philv who wrote (6978)	1/30/1998 3:47:00 PM
From: Bucky Katt	Respond to of 116762

Phil--I find this part of that of most interest, only because small farmers have been able to hedge grains for years, and you know how those things can move! Andy Smith, precious metals analyst at the Union Bank of Switzerland, said gold's performance on Friday rounded off what had been an extraordinary month for the metal. ''Something's certainly happening. We have volatility in gold going from single figures a couple of weeks ago to more than 20 percent. We have had a $30 range in a month -- we used to have to wait a year for that,'' he said. Smith wondered how mining companies could possibly manage to plan hedge programmes for their production with prices moving so quickly. ''Although there are more sales coming in, the 12 month rates have gone up, there's not been much of a producer reaction to the rally because they have not had time.'' Implied lease rates for gold on Friday were at 2.03 percent for gold borrowed over a year, having risen more sharply in recent days than rates for shorter term loans.