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

To: Yiota who wrote (22590)	11/4/1998 9:37:00 PM
From: Giraffe	Respond to of 116972

From Kaplan: According to the Washington, D. C.-based Gold Institute, for the first time in three years, worldwide exploration expenditures of U.S. gold miners fell in 1997, dropping 9%. The Gold Institute estimates that 1998 will see an additional decline of 28% in global exploration budgets. According to Gold Institute president John Lutley, "If current spending trends are not reversed, it is likely that U.S. gold mine production will begin to significantly decline starting in the next five years." In order of total tonnes of production, the world's six largest gold producers are South Africa, the U.S., Australia, Canada, China, and Russia.

To: Yiota who wrote (22590)	11/4/1998 9:42:00 PM
From: Giraffe	Respond to of 116972

From Precise Buy Signals today: Buy Gold! The crossing of these momentum lines from lower levels is a reliable indication of a trend change. October's 50% consolidation of gold stocks' September rally held important support at XAU 70 then 73, forming a bullish 'reverse head & shoulders pattern' (not shown). We had correctly stepped aside on the 29th to allow selling to dissipate and to allow gold stocks to demonstrate support at XAU 73. Today's price increase is a convincing break above the 21-day moving average and more importantly, it exceeds the price highs on 10/16 & 10/30 where two previous rally attempts met resistance. Today's explosive gain is confirmation of conviction that gold itself is more valuable than $290. As paper assets dwindled away intra-day gains, gold stocks continued to strengthen. This micro event is a reflection of the macro shift from promises to pay (paper) to tangible value (hard assets). "Chasing large one-day gains" is disastrous in down trends because those gains are usually only short-sellers buying to cover their short positions. Since gold's 8/31 bottom, the predominant pattern has been continued gains following large singe-day gains then sharp profit taking.