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

To: long-gone who wrote (34533)	5/26/1999 3:38:00 PM
From: FESHBACH_DISCIPLE	Respond to of 116770

Wednesday, May 26, 1999 Money News Barrick's Munk says resource sector will rebound TORONTO, May 26 (Reuters) - Barrick Gold Corp. Chairman Peter Munk predicted on Wednesday that the depressed resource sector would rebound when investors realized the tremendous value of owning blue-chip mining stocks. Mining stocks were hard hit last year by financial crises in Asian and other emerging markets, oversupply of key base metals and the subsequent collapse of nickel, copper, zinc and gold prices to multi-year lows. While base metal producers have seen a slight improvement in the first half of 1999, gold miners have continued to suffer in a steadily weakening price environment. Gold fell to $268.80 an ounce on Wednesday, a level not seen since 1979, as market sentiment worsened and bullion dealers predicted further lows for the precious metal. Munk admitted that "these are not the glory days for our sector," but said that the shares of large Canadian mining companies provided a rare buying opportunity. "We are pretty much bottom of the pile. But if I had my choice to keep my money in the very exciting Internet sector or the resource sector, I am awfully comfortable where I am," Munk said after receiving the Toronto Stock Exchange's lifetime achievement award. Munk received the award for his role in taking Toronto-based Barrick from a tiny mining company in 1983 to one of the largest and most successful gold companies in the world. An active gold promoter who has the ear of central bankers and world leaders, the Hungarian-born Munk has won the approval of thousands of investors for consistently turning a profit in both strong and weak markets. Barrick, North America's second-largest gold producer, posted last month the best quarterly results in its history, due in part to the company's innovative hedging program. Hedging allowed the company to sell its gold in the first quarter at an average price of $385 an ounce during a period when bullion traded at an average spot price of $287 an ounce. The Canadian company's entire production is sold forward through 2001 at an average minimum price of $385 an ounce. Munk said protecting Barrick investors through hedging had been one of his major contributions as a miner. Barrick fell 5 Canadian cents to C$24.60 a share on Wednesday in moderately active trading on the TSE. ($1=$1.47 Canadian)

To: long-gone who wrote (34533)	5/26/1999 3:44:00 PM
From: John Hunt	Read Replies (2) \| Respond to of 116770

Daily Gold Stock Charts Hi Richard, Take a look at the volume and On-Balance Volume VS the price action on the following gold charts. (ie the volume action is stronger than the price action) IMHO, so far the gold shares still look in fairly strong hands to me. :-)) John PS - If anyone doesn't understand On-Balance Volume, it is a cumulative volume total where the daily volume is added on up days and subtracted on down days. ***** ABX iqc.com AGE iqc.com HM iqc.com PDG iqc.com NEM iqc.com

To: long-gone who wrote (34533)	5/26/1999 6:30:00 PM
From: Ken Benes	Read Replies (3) \| Respond to of 116770

Richard: You are missing the point. As gold drops, the producers continue to sell forward. These guys are less astute than the mid east oil producers. At 270.00 gold there should be zero forward selling. This has nothing to do with the dealers and everything to do with the producers. Ken

To: long-gone who wrote (34533)	5/27/1999 12:12:00 AM
From: Don Green	Respond to of 116770

Not sure if this was already posted, if so, SORRY! The following comments by Martin Armstrong, chairman of the Princeton Economic Institute: TheEuroBank.Com is a new site provided by PEI as a public service free of charge and dedicated to following this trend of moving toward a pure electronic currency. New Zealand has already announced publicly that it will elimnate all currency replacing the NZ dollar with a electronic form that may be used through a debtitcard or credit card system. This is the most important development in the history of money and it threatens the future of everyone's ulltimate financial freedom. The process of demonetization of gold and the liquidation of gold reserves is a first step toward creating a new monetary system for the world. The purpose of this trend is to eliminate the underground economy and hence enhance the collection of all taxes. Some are also arguing that this will eliminate the drug traffic at the same time not to mention illegal arms sales etc. While this is debatable, the trend is clearly a decisive one than cannot be denied.