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

To: long-gone who wrote (24147)	12/11/1998 2:55:00 PM
From: Alex	Respond to of 116979

12/11/98 - Gold falls almost five dollars amid global commodities slump <Picture> LONDON, Dec 11 (AFP) - Gold plunged almost five dollars an ounce on Friday in London as investors became increasingly gloomy about the slowing world economy and slump in commodity prices. The spot gold price on the London Bullion market was 290 dollars an ounce, down 4.65 dollars from Thursday. Charles Kernot, precious metals expert at Paribas in London said "with the opening of US markets, investors in London suddenly got upset with prices of other commodities, especially oil, falling. Copper is at its lowest for 12 years, nickel has fallen to its lowest in 13 years." Kernot also said that there were widespread doubts whether falling interest rates in the United States and Europe would be enough to rescue the stalling global economy. "Everyone fears a phenomenom of deflation," he said. In the gloomy outlook, gold could recover its role as a refuge commodity, but "people haven"t reach that stage of thinking," Kernot said.