To:terry astle who wrote (261) From: John Barendrecht Monday, Jul 7, 1997 9:37 AM Respond to of 80032
S.Africa gold shares sink to fresh lows on bullion JOHANNESBURG, July 7 (Reuter) - Bullion's slide to its lowest level in 12 years on Friday saw a fresh assault launched on South African gold shares, dragging the all gold index to depths last hit in February 1993.
Gold mining shares were prominent in the list of heaviest losers on the Johannesburg bourse early on Monday, although volumes remained thin.
The gold index lost 21.1 points, or 2.22 percent, to stand at 931.0 at 0747 GMT.
``People have taken out the stick and beaten gold shares down. It's not good the way the gold price is looking,'' a dealer said.
Among the hardest hit was marginal mining group Randgold and Exploration Co Ltd (RGNJN.J)which fell over nine percent to 18 rand.
Randgold announced earlier that due to ``current market conditions'' it was reviewing the ratios of the proposed merger between its Durban Roodepoort Ltd (DURJ.J), Blyvooruitzicht Gold Mining Co Ltd (BLYV.J)and Buffelsfontein Gold Mines Ltd (BUFJ.J).
Randgold had said in May that the merger had been finalised.
The most recent slide in the bullion price, which was last hovering weakly around the $318 level, was triggered last week when the Australian central bank announced it had sold off large amounts of its gold stocks.
Other heavy gold stock losers in South Africa were Eastvaal Gold (ESVJ.J)which shed 26 cents or nearly six percent to 420 cents, Freegold (FCMJ.J)which slid 130 cents to 22 rand and Elandsrand (ELRD.J)which ditched 75 cents to 15 rand.
The Johannesburg Stock Exchange's all gold index has lost over 41 percent of its value from its best 1997 best of 1,588.1 on February 27, tracking the steady decline in the gold price.
Dealers expected further downside in gold shares as talk that bullion may weaken to $310 did the rounds
To:mikesloan who wrote (260) From: John Barendrecht Monday, Jul 7, 1997 9:38 AM Respond to of 80032
London gold fixes at fresh low since Dec 1985 LONDON, July 7 (Reuter) - Gold bullion fixed at $318.75 per ounce on Monday, to record a fresh low fixing since December 1985.
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