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

To: long-gone who wrote (20516)	10/3/1998 11:37:00 AM
From: Giraffe	Read Replies (1) \| Respond to of 116753

Gold breaks through the $300 level By Caroline Fossey Gold broke through $300 an ounce in London again yesterday and was "fixed" at $300.80 in the afternoon. The price has risen steadily this week and hit $301.40, its highest price since May 22, yesterday morning. Analysts attributed the rise to a weaker US dollar and the turmoil in world stock markets. On the oil markets, November Brent blend fell to $13.93 before rallying to $14.08 in late trading on London's International Petroleum Exchange. This was 3 cents below Thursday's close when the market lost 57 cents. The market was awaiting the outcome of a meeting between the oil ministers of Mexico, Saudi Arabia and Venezuela, which began in Cancun, Mexico, yesterday. But the ministers played down expectations, saying the meeting would not lead to further output cuts. Talks to end a strike by 400 workers at South Africa's Impala Platinum Holdings broke down when union negotiators rejected an offer of an 8 per cent increase in basic wages. The strike, which began on Wednesday, affects Implat's precious and base metals refineries. Both were operating at half-capacity yesterday, after Implat won a labour court ruling to restart the precious metals refinery. It could take up to eight weeks to clear the backlog. The precious metals refinery produces 4,000 ounces of platinum and 2,000 ounces of palladium a day. On the London Metal Exchange, three-month zinc hit a three-year low, dropping from Thursday's close of $997 to close at $973 a tonne. Three-month copper lost just $7 to end at $1,617 a tonne in spite of pressure from early fund selling. December cocoa rallied from Thursday's close of £999 a tonne to end the week at £1,005, after a rush of buyers on the London International Financial Futures and Options Exchange. November coffee was down $18 at $1,650 a tonne. Cooxupe, Brazil's leading coffee co-operative, said output from the country's 1999-2000 crop could fall to below 25m 60kg bags, well below the 34m bags forecast for the 1998-99 season. Financial Times

To: long-gone who wrote (20516)	10/3/1998 5:58:00 PM
From: Alex	Read Replies (2) \| Respond to of 116753

Thanks for that post R.H.................... Investors take a shine to gold Bullion ends above $300 (U.S.) for the first time in four months By Lisa Wright Toronto Star Business Reporter Every cloud over the stock market seems to have a golden lining. As world markets find themselves back in bear country, gold is starting to come out of hibernation. For the first time in more than four months, bullion closed above $300 (U.S.) an ounce yesterday. It was up 90 cents to close at $300.50, breaking what analysts figure is a psychological barrier that could create more confidence in the commodity. It's been slowly climbing out of the basement since Aug. 28, when it fell to a 19-year low of $274.60 (U.S.) an ounce. ''People look to gold as a safe haven in times of trouble,'' said Craig Porter, portfolio manager for both the resources and precious metals funds at Altamira Investment Services Inc. But it's not just the metal that's stepped on the pedal. Gold stocks are making a rebound, too. A lot of the big guns in gold, such as Barrick Gold Corp., Placer Dome Inc., Kinross Gold Corp. and Newmont Mining Corp., have enjoyed share price increases of about 50 per cent over the last month. Yesterday, the Toronto Stock Exchange's index of gold and precious metals stocks was up 309.46 points to close at 7231.79. The Canadian dollar closed at 64.73 U.S. cents, up 0.19 cent from Thursday's close. With the U.S. dollar weakening a bit lately, investors are looking for another haven for their money, and gold is a traditional alternative, Porter said. ''It reacts in an opposite direction to the market,'' he said. ''The market, the dollar and inflation are down, and the historic pattern under those conditions is for gold to go up,'' said Richard Scott-Ram, economic adviser to the World Gold Council, a Geneva-based association of gold producers and marketers. For instance, when stock prices were high before the big crash of 1929, gold was low, but three years later, in the depths of the Great Depression, the relationship reversed. Likewise, after the stock market crash in October, 1987, the price of gold jumped from $450 to $500 (U.S.) an ounce within a matter of weeks. ''This is a flight to quality,'' said Scott-Ram. ''We've had a flat year for gold but we're no longer declining.'' But Steve Kelman, consultant and author on the subject of gold, said it's a little early yet to say that gold is going to take off. ''What we are seeing right now is speculators who are short-selling to cover their positions and a reduction of selling pressure,'' he said. He added that bullion basically is an under-valued commodity. The best route to go for investors, Kelman advised, is buying it through mutual funds or individual stocks. ''Have you found people who say that they're sticking gold under their mattress? But you'll find people saying the (gold) stocks are so cheap,'' he said. www2.thestar.com