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

To: Rmn who wrote (16852)	8/28/1998 11:18:00 PM
From: cAPSLOCK	Read Replies (1) \| Respond to of 116822

DOWN in the short term but UP (WAY WAY UP) in the mid-long. cAPS

To: Rmn who wrote (16852)	8/28/1998 11:39:00 PM
From: C Hudson	Read Replies (1) \| Respond to of 116822

It looks like DOWN a bit more for the short term. UP big time sometime before Jan 1 99 (launch of EURO)

To: Rmn who wrote (16852)	8/28/1998 11:59:00 PM
From: The Fix	Respond to of 116822

Down. eom. fIXER

To: Rmn who wrote (16852)	8/29/1998 12:01:00 AM
From: Terry Rose	Read Replies (2) \| Respond to of 116822

Rmn, Since bearish sentiment in gold is now over 80% the obvious direction is up. Terry,

To: Rmn who wrote (16852)	8/29/1998 4:16:00 AM
From: long-gone	Respond to of 116822

UP Starting around Tues-Wed. but lightly. Then flat till greenspan moves or 90 days which ever comes first. rh

To: Rmn who wrote (16852)	8/29/1998 9:40:00 AM
From: goldsnow	Read Replies (1) \| Respond to of 116822

Hi RMN >>> I'm taking a survey here. >>> Few points. To take a survey on Gold here is like to take a national poll on Clinton (what is in the heart and mind are not the same-not accurate) I understand that is not scientific :) Second, up or down Monday? Next week? End of the year? Answer Gold is at the bottom! Bottom defined (265-290) 10% range When rally will go to 330 (this year)

To: Rmn who wrote (16852)	8/29/1998 9:53:00 AM
From: goldsnow	Respond to of 116822

''I would bet if somebody says they know what they are talking about is just flipping a coin,'' he said. However, longer term he believes it will move higher to about US$325 as it is helped by its association with the U.S. " Canadian gold stocks hit as bullion prices tumble 01:33 p.m Aug 28, 1998 Eastern By Scott Anderson TORONTO, Aug 28 (Reuters) - Canadian gold shares were hit hard on Friday after the yellow metal slumped to its lowest level in almost two decades in Europe. The Toronto Stock Exchange's influential gold and precious minerals index was down 4.8 percent in midday trading on Friday following a drop of 6.2 percent on Thursday. In the past year, the heavily weighted gold index has fallen 46.4 percent, with a hefty 16.3 percent of that coming in the past five days. Canadian gold mining heavyweight Barrick Gold Corp. (ABX.TO) dropped to a 52-week low of C$20.30 on the Toronto Stock Exchange before pulling back slightly to trade down C$1.85 or 8.2 percent at C$20.70. Vancouver-based Placer Dome Inc. (PDG.TO) was off C$0.95 or 6.5 percent at C$13.70, up from a 52-week low of C$13.40. Teck Corp. (TEKb.TO) was down C$0.25 or 2.7 percent to C$9.55. ''People who are looking for a safe haven are not jumping at gold but looking to U.S. bonds,'' said Wendell Zerb, a mining analyst at Pacific International Securities in Vancouver. ''The gold price relative to some currencies seems quite high. So either they can't afford to buy it or are just choosing to go to bonds.'' He said the international fiscal problems in Russia and to a larger extent Asia has killed interest in holding gold. In afternoon trading in London, gold fell to a 19-year-low of $273.40 an ounce, down $5.10. Similarly in New York, the December price for gold on the Comex Division of the New York Mercantile Exchange slipped to $276.30, down $3.80. This a far cry from the heady days in 1996 when the price of gold hit a five-year high of $415.50. The shift from gold to the U.S. dollar and bonds is a dramatic change from the past when many investors viewed gold as a safe haven during turbulent times. The large drops on the broader TSE, Zerb said, are directly related to the perception that Canada is largely viewed as a resource-based country. ''Foreign investors are not interested in basically investing in countries largely pegged to commodities,'' he said. With the uncertainties in the markets and the shakiness of the Canadian dollar, Zerb is unsure about the future of the precious metal. ''I would bet if somebody says they know what they are talking about is just flipping a coin,'' he said. However, longer term he believes it will move higher to about US$325 as it is helped by its association with the U.S. dollar. ($1-$1.57 Canadian) ((Scott Anderson, Reuters Toronto Newsroom, 416 941-8106, toronto.newsroom+reuters.com)) Copyright 1998 Reuters Limited.

To: Rmn who wrote (16852)	8/29/1998 9:55:00 AM
From: goldsnow	Read Replies (3) \| Respond to of 116822

Analysts doubt flight to gold despite world woes 10:11 a.m. Aug 28, 1998 Eastern By Patrick Chalmers LONDON, Aug 28 (Reuters) - Gold at 19-year-lows on Friday remained unlikely to benefit from financial turmoil around the world, analysts said, as miners' price hedging and feared Russian sales dispelled ideas of flight-to-quality buying. Gold fixed at $273.40 a troy ounce in London on Friday afternoon, its lowest level since June, 1979. Economic crises in Asia, notably Japan, and now Russia would have to hit the dollar and U.S. bonds - modern investors' safe havens of choice - before gold got a look in, analysts said. ''The last couple of weeks, with the Russian situation and U.S. bombings in Afghanistan, there have been developments where, if gold was a safe haven, it would have kicked in. But it's had no impact at all,'' said Alan Williamson, senior commodities analyst with Deutsche Global Mining Group. ''I think this safe haven status was looking pretty weak before and it's looking even worse now,'' he said. ''Most people who have enough money realise that it's not a question of having it in your local stock market or under your bed in the form of gold, there are alternatives,'' he added. Likely distress sales of gold also reduced the chances of any price recovery, said another London analyst. ''Global recession is not good for jewellery demand for example. People who have bought it before are looking to their assets to liquidate,'' he said. ''Rising inflation in Russia means that they are going to have to start cashing in what they have been stashing up for the last few years,'' he added. ''The same could happen in other markets if this contagion effect takes hold,'' he said, adding that even countries like India could become net sellers of gold if the rupee went wrong. Wolfgang Wrzesniok, precious metals analyst at Dresdner Kleinwort Benson bank in Frankfurt, said gold's fall this time around had come mainly from sales by producers rather than investment funds. Miners in Australia, South Africa and Canada have seen their currencies drop sharply against the U.S. dollar since Russia's debt crisis hit, making local gold prices too good a hedging opportunity to miss. Wrzesniok saw gold remaining weak with a bounce maybe to $277.00 an ounce before further falls. ''On the downside, $270.00 is now the support but it's minor support and if the currencies crash then we could see renewed selling by the miners,'' he said. Added pressure on gold has come from uncertainty about the Russian central bank's plans for its reserves. Wrzesniok said he believed market rumours the Russian central bank had used as much as 300 tonnes as collateral for a loan from various German and Swiss banks, taking dollars in return for a 15 to 20 percent discount on gold's spot price. The gold would be valued at around $2.75 billion. ''It's very likely they have excess reserves, up to 300 tonnes, and I'm pretty sure that they have... basically transferred it into dollars,'' Wrzesniok said, adding that it was unlikely to materialise as sales. ''If it was done at a discount of 15 to 20 percent to the then gold price (last week), it would leave enough room before the banks would have to sell the gold to get their money back,'' he said. But Ted Arnold, metals analyst at U.S. investment bankers Merrill Lynch, predicted that Russian gold would reach the market eventually. ''As time goes on they will get increasingly tired of doing these collateralised loans,'' he said. Their alternative then would be either to swap a quantity of gold, entailing a spot sale and simultaneous forward purchase, or a straight sale. ''At the end of 1999, they won't have 500 tonnes in reserve. I don't know how much they will have but they won't have 500 tonnes. I do expect them to sell,'' he said. ((London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited. Yet the problem with above logic is that once Dollar is going to be hit harder than gold all bets are off...