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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: BarbaraT who wrote (3245)	10/9/1998 1:52:00 PM
From: Ron	Respond to of 7247

Regarding gold, here is that Newmont story. Interesting. DENVER, Oct 9 (Reuters) - Newmont Mining Corp. Chief Executive Officer Ron Cambre said the company's 1999 total world gold production is estimated at 3.6 to 3.9 million ounces, down from an earlier projection of 3.8 to 4.0 million ounces because of lower gold prices. He told the Mining Investment Forum here that Newmont's Nevada production for 1998 is expected to be 2.7 million ounces, down slightly from 2.78 million ounces last year. "We do not mind leaving ounces in the ground at $300 gold," Cambre said, alluding to the current prices for gold. Cambre said he expected gold prices to rise and that is why he said the company remains "largely unhedged." He said some factors that have kept gold prices down, such as central bank selling and a strong dollar, have diminished, noting, in particular, the dollar's steep decline against the Japanese yen earlier this week. Cambre also said that concerns over the millennium computer bug were prompting gold buying. REUTERS Rtr 12:29 10-09-98