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

To: John Hunt who wrote (27685)	2/3/1999 6:37:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 117065

Gold to average $300/oz in 1999, 2000 -- World Bank << Gold prices are forecast to average $300 an ounce in 1999 and 2000, according to the World Bank's quarterly Global Commodity Markets report issued Wednesday. Gold is expected to trade ''in the range of the last several months,'' with currency fluctuations affecting day-to-day movements, the World Bank stated. ''A surge in demand would be required to take prices far above this range,'' the report said. ''However, rising production, declining costs and further central bank sales are expected to cause a decline in real gold prices over time.'' Since December, spot gold bullion prices for London delivery have been trading between $281.50 and $304.60. World gold production rose 2 percent in 1998, led by Latin America. ''The increases were due to the development of new low-cost mines, restructuring and cost cutting at existing mines, and successful hedging by producers,'' the report stated, adding, ''These trends are expected to continue.'' The $270.75-$314.70 range reflects a ''fairly stable supply-demand balance'' and cost cutting by producers, the World Bank noted. ''Generally, when prices fall out of this range, strong buying has developed,'' the report said. ''And when prices push much above $300, heavy producer selling sets in. Central bank sales have added to pressure on prices.'' >> You can almost see the beads of sweat on their brows. :-))