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

To: Mike McFarland who wrote (18576)	9/12/1998 12:30:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116790

Mike, buy low always mean you buying a distress industry or company...or worse distress market...If you can be sure that "good" company can survive crisis it will likely come back...To average down an investor has to have either guts or conviction (preferably last if based on Research not hot tip, and we do not offer any tips, as you know) Now every industry in distress is ripe for consolidations..one can win big even if the rest go down a little while longer..More so consolidations are signs of the bottom... if you believe in much maligned Gloom and Doom scenario-Gold is for you...If on the other hand you believe in Market 10,000 and return to Dollar Dominated Prosperity (God help you)...stay out...while longer...As for Russia in general....you are joking right?

To: Mike McFarland who wrote (18576)	9/12/1998 12:46:00 PM
From: goldsnow	Respond to of 116790

Shares jettisoned in flight to safety By Michael Mullane, Markets Editor Australian shares slumped 2.3 per cent on Friday, with $9.6bn wiped off stock values, while bond prices soared to historic highs as investors sought a safe haven from the carnage engulfing global equity markets. As the financial crisis in Russia grows more alarming by the day, the contagion of the Asian financial crisis has arrived on the doorstep of Latin American countries. On Thursday, after sharemarkets were routed throughout Asia, Europe and North America, Brazil's benchmark index plunged to its lowest level in 2 years. Mexico's bolsa index posted its biggest decline in 11 months as the peso weakened, and Chile's benchmark stock index posted its biggest drop this decade, swept down by a regional slide fuelled by concern about a currency devaluation in Brazil. Elsewhere, Argentine shares plunged to a 3-year low as capital flight from neighbouring Brazil threatened to dry up investment in Argentina. In New York, the Dow Jones industrial average ended off 249.48 points at 7615.54 as stocks took a battering over growing concerns that US President Mr Bill Clinton will resign or be impeached as a result of the White House sex scandal. In the past two sessions, the Dow Jones has wiped out the record 380.53-point gain it made on Tuesday to be down 3.7 per cent for the year. Slowing Asian and emerging market economies are set to impact on US corporate earnings at a time when the US economy itself is losing steam. While that could lead to a cut in US interest rates, it will not fix the deep-seated financial problems that beset Japan, the growth engine of Asia and Australia's major trading partner. Further weakness on the Japanese sharemarket on Friday impacted on Australian stocks, already reeling from the fall on Wall Street. The Nikkei fell 5.1 per cent and Hong Kong was also weaker, down 3.8 per cent in late trading. Only higher gold and base metal prices and a firmer local currency helped to cushion the local market's falls. The price of gold shot higher amid a flight to safe haven. Gold ended up $US6.30 at $US290.70 an ounce on New York's Commodity Exchange. The All Ordinaries Index lost 58 points on Friday to 2468.3. It was the market's third consecutive weekly loss. Banks were the big losers. NAB fell $1.20 to $19.95, ANZ dropped 18› to $8.45, Westpac slid 28› to $8.78 and Commonwealth Bank dropped 77› to $19.029. Australian bond prices roared higher, with yields hitting record lows, tracking their North American counterparts. The benchmark 10-year bond yield fell to 5.28 per cent, its lowest ever close. The yield fell 39 basis points over the week. On the Sydney Futures Exchange, the implied yield on the December bank-bill futures contract fell to 4.83 per cent from 5.02 per cent on Thursday. That is below the Reserve Bank's target for overnight bank lending of 5 per cent and shows the market is expecting a cut in official interest rates. That is a big change since August 28, when the implied yield rose to 6.08 per cent as investors saw a rate increase as more likely while the currency plumbed record lows. A sharp rebound in the Australian dollar from its record low US55.30› on August 28 has also helped bonds. The $A gained more than a US cent and was trading at US59.85› late Friday after earlier coming within a whisker of US60› in offshore trading. The Australian currency gained from a bounce in commodity prices and a stronger yen against the US dollar. afr.com.au

To: Mike McFarland who wrote (18576)	9/12/1998 12:50:00 PM
From: goldsnow	Respond to of 116790

Canadian gold stocks climb on international turmoil By Paul Simao TORONTO, Sept 11 (Reuters) - Canadian gold stocks began to shed their anemic image on Friday as political uncertainty in the United States and fears of a growing financial crisis in Latin America pushed bullion prices to a three-month high. Gold and precious minerals stocks gained an average two percent on the Toronto Stock Exchange, Canada's most important stock market, helping to sustain a 37-percent rally over the past two weeks. A falling U.S. dollar, the safe-haven of choice recently for skittish international investors, once again boosted confidence in gold. Gold bullion touched a high of $296 an ounce on Friday before profit-taking took it back to $293.40 an ounce. Gold closed at $290.20 an ounce on Thursday. Nervous investors dumped the U.S. dollar as questions about U.S. President Bill Clinton's ability to survive a growing political crisis continued to swirl in international equity and foreign exchange markets. A contrite-sounding Clinton appealed yet again for forgiveness on Friday as U.S. lawmakers released to the public part of a report detailing his extra-marital affair with former White House intern Monica Lewinksy. The report by independent counsel Kenneth Starr could trigger a move to impeach Clinton and terminate his presidency. ''Clinton's White House problems are all casting doubt on the U.S. dollar, so gold has regained its traditional safe-haven characteristics. It was de-linked for a while, but my expectation is that the restoration will be beneficial to the gold index,'' said John Ing, president of Toronto-based brokerage Maison Placements Canada Inc. Renewed fears that a global economic downturn may soon engulf Latin America added to gold's renewed luster. Although gold had not benefited from months of financial turmoil in Asia and Russia, the prospect of the contagion sweeping through Brazil and Mexico, prompted worries the U.S. economy, particularly its banking system, could become vulnerable. Ing said he expected Canadian gold stocks would continue to edge upward as gold threatens to breach the key psychological $300-an-ounce level. Mid-sized gold producers, such as TVX Gold Inc. (Toronto:TVX.TO - news) and Goldcorp Inc. (Toronto:Ga.TO - news), were the big winners on the benchmark Toronto Stock Exchange's 300 index. Gold and precious minerals account for five percent of the TSE 300. Toronto-based TVX climbed C$0.30 to C$3.40 a share, or 9.7 percent, while rival gold producer Goldcorp rose C$0.70 to C$6.90 a share, or 11 percent. Some analysts warned the current bullishness toward gold might be premature. Canada's gold stock index remains firmly planted in negative territory, having lost 10 percent of its value since the beginning of the year. ''I think this is more of a short-term rally. Every time we get a little rally in gold, people think there has been a sea change in the industry. The market has been fooled so many times and I see no reason why this is such a remarkable change,'' said Manford Mallory, analyst with Toronto-based brokerage Research Capital Corp. Mallory said it would be difficult to sustain the price of gold much above $300 an ounce during the next two years. ($1 equals $1.51 Canadian) biz.yahoo.com

To: Mike McFarland who wrote (18576)	9/12/1998 5:36:00 PM
From: denekin	Respond to of 116790

Mike, these sources might be helpful: Pennaluna & Associates; 199.166.219.33 goldsheet.simplenet.com If doom and gloom scenario is correct and the world retrenches from Global consciousness to regional consciousness, I suspect that we might see a rash of nationalizations of foreign companies. If -IF_ such is the case, it might be a good idea to look at US and Canadian gold stocks as opposed to Russian, Indonesian, african gold stocks. Am I unnecessarily paranoid? the sights above will point you to reams of small gold & silver companies.