Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: long-gone who wrote (21146)	10/8/1998 12:15:00 PM
From: Alex	Respond to of 116753

Gold lifts on $US misery By KATE ASKEW, Resources Writer The fading US dollar, once lauded as an investment haven, has been just the shot for gold. The greenback's biggest fall in 25 years has underlined the fact that paper investments can be fallible, returning gold to its former safe-haven status. The US dollar's fall saw Comex gold gain more than 1.5 per cent to breach $US300 in US trading, which flowed through to Australian trading where it broke through $US302 an ounce. The New York dealing desk of the world's largest stockbroking firm, Merrill Lynch, has spent the past couple of weeks advising its clients around the world to take an overweight position in gold equities. "If perception of risk really creeps into the US, then gold is not only a safe haven, but a hedge against that risk," Macquarie Investment Management's resources analyst, Mr John Bugg, said yesterday. Merrill Lynch has gone as far as recommending Australian and South African gold stocks over their North American counterparts because they are a hedge against the downside in US equity markets. The timing could not have been better for Australian gold companies - lean and mean after being forced to cut costs after more than a year of low gold prices - with most of them represented this week at the renowned Denver gold conference. "If you look at the earnings of Australian gold companies, you can see that they are very real," one analyst said. Acacia Resources was a strong performer, rising 23c or 8.8 per cent to $2.85, boosted by some of the best results of recent years from deep drilling at its Sunrise Dam goldmine in Western Australia. The results show it intersected a second, deeper shear zone from intersections including 185m grading 11.8 g/t gold from a depth of 549 metres. Australia's largest gold company, Normandy Mining, was the most heavily traded stocks on the Australian Stock Exchange yesterday, rising 5c to $1.55 on turnover of 16.9 million shares which was widely spread between broking houses. Deutsche Bank was the largest net buyer with about 1.1 million shares and Credit Suisse First Boston was the biggest net seller, of about 605,000 shares. smh.com.au