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

To: Broken_Clock who wrote (29870)	3/12/1999 10:40:00 PM
From: lorne	Respond to of 116762

Rise of gold price met with caution Friday 12 March, 1999 (3:04pm AEDT) A rise in the price of gold bullion overnight has been met with caution from local gold producers. The secretary of the Australian Gold Council, Charles Croutch, says although the rise is welcomed by the industry it is far too early to consider it a long-term trend. The bullion price has risen in early trading and the share market's gold index has risen by more than 3 per cent. Mr Croutch believes there are a number of factors which are responsible for the rise, including predictions on future demand and supply and the movements of key industry players. "Any price increase is welcome because, of course, a feature of the gold industry has been the price is down to historically low levels," Mr Croutch said. "But I think one thing we have to keep in mind is that the gold industry is substantially underpinned by hedging. "So the spot price on any given time is much less important than what's happening to the long-term trends, so if this represents the start of a long-term trend towards the price climbing back up, then that's very good news indeed for the industry." abc.net.au