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

To: PaulM who wrote (20377)	10/2/1998 2:00:00 AM
From: Sergio R. Mejia	Respond to of 116753

Canadian gold stocks climb as bullion edges higher Thursday October 1, 8:08 pm Eastern Time Canadian gold stocks climb as bullion edges higher By Paul Simao TORONTO, Oct 1 (Reuters) - Canadian gold stocks continued to climb on Thursday as nervous investors rushed to hold gold bullion as a safe haven against falling equity markets and a softer U.S. dollar. Gold and precious minerals stocks had gained an average 4.2 percent on the Toronto Stock Exchange, Canada's most important stock market, by late afternoon on Thursday, helping to sustain a 62-percent rally during the past month. The uncertain direction of the U.S. dollar, the recent safe haven of choice for skittish investors, once again boosted confidence in gold. Gold bullion touched a high of $301.10 an ounce on Thursday before profit-taking pushed it back to $299.60 an ounce. The U.S currency fell this week after the U.S. Federal Reserve cut interest rates by 25 basis points, prompting a flow of cash out of U.S.-dollar denominated securities. Sour international equity markets also prompted buying of gold. In North America, the Dow Jones Industrial Average tumbled 187.44 points to 7655.18 in late afternoon trading, while the benchmark TSE 300 index fell 147.62 to 5466.50 points. ''The softness we have had in the U.S. dollar is a main change of events over the last month and the stock market is in such disarray that we're getting a bit of an uptick in gold as a counter to it,'' said Manford Mallory, analyst with Research Capital Corp. in Toronto. Firmer bullion prices have helped to offset a miserable summer for gold producers and investors alike. Gold, a traditional hedge against international crises, had not benefited from months of financial turmoil in Asia and Russia despite fears the contagion could sweep through Latin American and eventually hit the U.S. economy. Mallory said he expected Canadian gold stocks could continue to benefit from uncertainty in equity markets, though he said it would be difficult to sustain bullion much above the psychologically important $300-an-ounce level. Mid-sized gold producers, such as Kinross Gold Corp. (Toronto:K.TO - news) and TVX Gold Inc. (Toronto:TVX.TO - news), were the big winners among Canadian gold companies. Gold and precious minerals account for 5 percent of the TSE 300. Toronto-based gold producer Kinross rose C$0.54 to C$5.15 a share, or 11.7 percent, while TVX climbed C$0.34 to C$4.36 a share, or 8.5 percent. Some analysts, however, warned the current bullishness toward gold might be premature. Canada's gold stock index has only gained about 4 percent since the beginning of the year and remains 40 percent lower than its 1997 high. ($1=$1.55 Canadian)

To: PaulM who wrote (20377)	10/2/1998 4:21:00 AM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116753

Terrific post, Paul. U certainly move 2 t'head o'FdRsv 601 Lvl class!!!