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To: Cape Blanco who wrote (39520)	5/7/1999 3:08:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

Goldman Sachs downgrades gold sector, stocks TORONTO, May 7 (Reuters) - Goldman Sachs gold analyst Daniel McConvey said on Friday he downgraded the gold sector to underweight from market weight after news that the British Treasury plans to cut its gold reserves by more than half. ''I downgraded all the stocks in the sector,'' McConvey added in a telephone interview from New York. ''This news was unexpected,'' he added later. He cut the rating on Barrick Gold Corp. (ABX.TO - news), Placer Dome Inc. (PDG.TO - news), Ashanti Goldfields Co. Ltd. , Newmont Mining Corp. (NEM - news) and Normandy Mining Ltd to market performers from market outperformers. McConvey also downgraded Battle Mountain Gold Co. (BMG - news), Echo Bay Mines Ltd. (ECO.TO - news), Kinross Gold Corp. (K.TO - news), Homestake Mining Co. (HM - news), Lihir Gold Ltd. (LIHRY - news) and TVX Gold Inc. (TVX.TO - news) to market underperformers from market performers. The U.K. Treasury said it planned to slash its reserves of gold to 300 tonnes from 715 tonnes with 125 tonnes slated for sale in 1999-2000. biz.yahoo.com