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

To: Bobby Yellin who wrote (17960)	9/7/1998 12:25:00 PM
From: Terry Rose	Respond to of 116796

Bobby, Nice pickup. As Bruce Willis said in the movie "Die Hard" just another fly in the ointment. I guess that the Japanese have as much chance of seeing their pension money as U.S. citizens will see Social Security benefits. Probability of this happening is that of being abducted by space aliens. One question. Why do the Japanese call it the postal pension plan? Is being a mailman the main service sector? Fortunately the U.S. government has not yet imitated this Ponzi scheme. They choose instead to manipulate the derivatives market which is probably worse (more bang for the buck). As Ringo Starr noted "everything that government touches turns to crap". Terry,

To: Bobby Yellin who wrote (17960)	9/7/1998 12:30:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116796

S.Africa gold stocks sparkle on earnings outlook 09:12 a.m. Sep 07, 1998 Eastern By Emelia Sithole JOHANNESBURG, Sept 7 (Reuters) - South African gold shares moved sharply higher on Monday as analysts predicted a bull gold market before the end of the year amid expectations of a stellar performance by the industry in the three months to the end of September. Gold analysts said investors were piling back into the sector with the rand's 20 percent-plus slide over the past three months promising higher profits for South Africa mines, which sell bullion for dollars, but pay costs in rand. ''The feeling in the gold market is that we are in for a bit of a bull market. We are going to have a nice bull market before the end of the year,'' said Rene Hochreiter, a gold analyst with Barnard Jacobs Mellet and Co. ''We have come out of a big setback in the country. Everybody was far too scared to put money in the market, but everybody is realising that earnings from gold are going to be enormous because of the fall in the rand,'' he said. By 1000 GMT, the influential gold index had risen 76.3 points or 8.32 percent to 993.0 as miners of the precious metal posted sharp gains across the board. Gold Fields Limited rose 6.0 rand or 19.35 percent to 37 rand while Randfontein Estates Gold Mining Co gained 120 cents or 8.45 percent to 15.40 rand. The gold index has made a sprightly recovery since it slid to near-year troughs as bullion plumbed 19-year lows on August 28. Since then, bullion has since recovered $18 and was last quoted at $288.70/$289.20 an ounce with analysts saying the metal may spike $290.00 an ounce on the back of a weakening dollar and short-covering by investment funds. Johannesburg gold analysts said the bullion sector seemed to be regaining its reputation as a safe haven as investors remained wary of the storm which has battered global equity markets. ''All the gold mines are making a lot of gains. Industrials have taken a bit of a knock and the only companies that are doing well are the gold mines,'' said Andrew Hurwitz, an analyst with Lowenthal and Co. Russia's financial crisis and mounting fears of a global economic slowdown wiped off 17 percent of the value of South African shares a week ago, dragging them near levels not seen since the country's first all-race elections in 1994. ''When there's uncertainty in currency markets, gold looks like a safe haven. The depreciation of the rand has made a big difference to the sector,'' Hurwitz said. The rand was last at 6.1475 (bid) to the dollar while the rand gold price was trading around 60,000 rand a kilogram from about 50,000 rand per kilogram the previous June quarter. ''The next quarter is going to be good with dividend yields seen at 10 percent, that's why people are looking for the gold shares,'' Hurwitz said. Copyright 1998 Reuters Limited.