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

To: lorne who wrote (23616)	11/30/1998 7:52:00 AM
From: lorne	Respond to of 116758

LONDON, Nov 30 (Reuters) - European gold idled above support at $295.00 on Monday as the market remained wary ahead of U.S. dealers' return from their four-day Thanksgiving day break. London gold fixed at $295.75 a troy ounce in the morning, down on Friday afternoon's $296.15. Spot prices were last wandering at $295.55/$296.05, some 25 cents off last Friday's London close, having rebuffed the lure of a drift lower on the strong dollar. Gold typically moves counter to the dollar, with weakness in the U.S. unit seen as a likely to boost consumer demand in India, Southeast Asia and Europe. Surbiton Associates Pty Ltd said in a report that gold production in Australia, the world's third largest supplier, would hit 309 tonnes in 1998 versus 1997's record 314 tonnes. Declining output was the result of low U.S. dollar prices, exploration cutbacks and uncertainties about the outcome of Aboriginal native title land claims, said Surbiton Managing Director Sandra Close. ''While this is not really fresh news as such, it is worth remembering that exploration has been falling off for some time and that the impact of this may be felt sooner on the market than one might think,'' Rhona O'Connell, metals analyst for brokers T.Hoare & Co, said in a report. She said spot gold could rise not only because less gold was being unearthed but also because of cuts in project finance-related hedging activity. Less metal for hedging, and miners' recent tendency towards buying put options in preference to classic forward hedges could limit the supply of fresh metal to the market next year, she added. ''It is entirely possible that the impact next year of the mining industry's hedging activity could actually be a negative number,'' she said, adding the net effect of hedging over the past ten years had been to add 240 tonnes a year to supply

To: lorne who wrote (23616)	11/30/1998 10:32:00 AM
From: Alex	Read Replies (1) \| Respond to of 116758

11/30/98 - EBRD to loan Russia"s gold industry against MinFins. <Picture> LONDON, November 30 (Itar-Tass) - The European Bank for Reconstruction and Development is considering a special loan to Russia"s gold-mining industry against the Russian Finance Ministry"s gold-backed bonds as collateral, an EBRD official representative told Itar-Tass on Monday. He said the one-year loan is to go into the output of an above-target 50 tonnes of gold by Russian companies. The loan is to be paid off by gold sales in world markets. lyu/ezh