Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Davies who wrote (18964)	5/20/1999 10:24:00 AM
From: SSP	Respond to of 34075

BSNS WIRE) Recovery in Gold Demand Continues Recovery in Gold Demand Continues Business Editors NEW YORK--(BUSINESS WIRE)--May 20, 1999--Gold demand in the first quarter of 1999 was 62% above the opening three months of last year, continuing the recovery from the poor start to 1998. First quarter demand in the countries monitored by the World Gold Council was 788 tonnes, just a fraction lower than the record for the first quarter set in 1997, and just 2% below the all-time record for any three-month period set during the fourth quarter of last year. The strong performance in the first quarter was a result of a gain of 75% in worldwide jewelery demand, and a 20% increase in investment over the same period of last year. Good growth in gold demand in the USA, China, Japan, South Korea and South-east Asia more than compensated for lower demand in India, the Middle East and Europe. These are the main findings of the latest issue of the World Gold Council's quarterly survey Gold Demand Trends, published today. Commenting on the findings, George Milling-Stanley, Manager of Gold Market Analysis, said: "These first quarter numbers are very strong, and they look even better when they are compared with those for the beginning of last year. That was when the economic and currency crisis in Asia triggered widespread dishoarding and blew a hole in the demand statistics. The growth of 62% in worldwide gold demand in the first quarter of 1999 to within a fraction of all-time record highs is a clear demonstration that the recovery continues. "The story of the first quarter of 1999 was of continued growth in jewelery demand, coupled with a broader appreciation worldwide for the role of gold as a monetary asset. There were further strong gains in the demand for gold as an investment. In the USA, Y2K fears, together with concern about a possible correction in the stock market, drove coin purchases to fresh all-time highs; in Japan, the "Big Bang" financial reforms triggered a renewed interest in gold's value in portfolio diversification; while in the countries worst hit by the Asian crisis, investment demand exceeded pre-crisis levels. All over the world, investors are looking for ways to preserve their wealth, and increasingly those investors are turning to gold to help them achieve that goal. " Highlights of the first quarter of 1999 include: Over all demand in the USA gained 28% to a record for the period, helped by continued strength in both jewelery and investment. The start of the Year of the Rabbit helped demand in China to grow 5%. In India, demand was 24% below the exceptionally high level of a year ago. A recovery in the Gulf States lifted demand to a first-quarter record, while elsewhere in the Middle East, lower oil prices brought a decline of 10% in Saudi Arabia. A sharp increase in investment brought a gain of 50% in overall demand in Japan. The World Gold Council is an international organisation formed and funded by leading gold mining companies from around the world to increase the demand for gold. The 27 countries monitored in Gold Demand Trends account for approximately 80% of global gold demand. For further information, please contact George Milling-Stanley in New York at Tel. 212 317 3848, Fax 212 688 0410, E-mail george.milling_stanley@wgcny.gold.org. Gold Demand Trends No. 27 is also available from the day of publication on the Council's website (www.gold.org). --30--al/ny* csm CONTACT: The World Gold Council, New York George Milling-Stanley, 212/317-3848 Fax: 212/688-0410 george.milling_stanley@wgcny.gold.org.