PHLX Gold/Silver Sector (XAU)

[long-gone]

To:long-gone who wrote (259)
From: terry astle Monday, Jul 7, 1997 4:01 AM
Respond to of 80032

Hello Richard
Thanks for responding. If only we had a crystal ball.I wonder if past performance is an indication of future performance. Will it come back as it always has? There are pretty strong arguements out there for &against. The de-monitization of gold is the one that has me intrigued & if that is the case I would think that in a few years there would be only a few large players remaining,much like the shakeout in the auto industry in the early years.
It'll be interesting to see how gold stocks react to this latest slide. I hope you are correct that we are near the bottom.
Good night

To:mikesloan who wrote (260)
From: Mark Kubisz Monday, Jul 7, 1997 9:25 AM
Respond to of 80032

The Globe survey is a bit of a crock. Their "experts" have been bullish on gold for months, during which time the metal has dropped more than $50 an ounce.

To:Mark Kubisz who wrote (262)
From: John Barendrecht Monday, Jul 7, 1997 9:34 AM
Respond to of 80032

Taiwan June gold imports rise 75.6 pct yr/yr
TAIPEI, July 7 (Reuter) - Taiwan's imports of gold bars, coins and plate rose 75.6 percent to 6.471 tonnes in June compared to the 3.685 tonnes imported in June 1996, the Finance Ministry said on Monday.

Traders said jewellery demand rose sharply during June due to falling world gold prices and a booming local stock market.

``Gold prices are good right now and many people who made money in the stock market want to buy some jewellery,'' a trader at Taiwan's Central Trust of China said.

Traders said demand from the electronics and chemical industries increased about 20 percent during June due to falling world good prices and some sectors' growth.

Taiwan's central bank, which held 410 metric tonnes of gold reserves at the end of April, said on Friday it had no plans to sell gold now despite the precipitous world price decline.

The ministry said Taiwan's gold exports in June remained modest at 0.547 tonnes, up from 0.535 tonnes in June 1996.

The following table gives gold import levels for Taiwan's main gold suppliers (in tonnes):

Source June 1997 June 1996
Switzerland 0.000 0.105
South Korea 0.494 0.992
Britain 0.500 0.000
Canada 2.072 0.000
U.S. 1.508 1.011
Hong Kong 0.796 0.288
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