To:Bearcatbob who wrote (245) From: terry astle Sunday, Jul 6, 1997 11:31 PM Respond to of 80032
Hello all How much of this does anyone think is panic selling? Simplistic maybe,but the sense Iget from reading the threads over the weekend is a sense of panic setting in. Question ? would anyone here currently holding gold or gold related stocks sell at these levels? Any one here hazard to guess what another $70(to $250)drop in the pog would do to a stock like abx or bgo? Anyone expecting a bounce back soon? Even if there was I suspect many are waiting for such an event to get out. Good luck to anyone still holding.
To:Bearcatbob who wrote (245) From: John Barendrecht Sunday, Jul 6, 1997 11:32 PM Respond to of 80032
Australia stocks open softer, gold shares dip SYDNEY, July 7 (Reuter) - The Australian stock market opened moderately lower in quiet trade on Monday, lacking direction from the U.S. as markets there were closed for the Independence Day holiday on Friday.
``There is not much happening at all. It is very, very quiet,'' one dealer said, adding the market was awaiting labour force data for June, due on Thursday.
At 10.15 a.m. (0015 GMT), the All Ordinaries index was 6.4 points down at 2,727.0 while September share price index futures contracts were two points lower at 2,763, a 36 point premium to the underlying index.
POSSIBLE LOST DATA Gold stocks remained depressed by last week's news that the Reserve Bank of Australia had sold two thirds of its gold reserves over the past six months. The sector index fell two percent in early trade after plunging four percent on Friday.
Newcrest Mining (NCM.AX) fell six cents to A$3.14 and Lihir Gold (LHG.AX) dipped nine cents to A$1.94.
Gold index heavy-weight Normandy Mining (NDY.AX) lost three cents to A$1.38, despite a statement from executive chairman Robert Champion de Crespigny this morning, saying he expected further profit growth in 1997/98 despite the fall in gold prices.
Bellwether Broken Hill Pty Co ltd (BHP.AX) lost another 18 cents to A$19.44, while Rio Tinto (RIO.AX) gained 19 to A$22.62.
Foster's Brewing Group (FBG.AX) rose one cent to A$2.46, and was the most actively traded stock in morning trade with 4.7 million shares changing hands.
``Foster's is one of our strongest recommendations. It has reasonable growth in front of it and is gaining market share,'' said Mark Fordray of ANZ McCaughan Securities Ltd in Sydney.
Energy Equity Ltd (EEC.AX) rose nine cents to A$1.64 on news that production testing at the Singa-1 exploration well has resulted in significant gas flows, confirming a major discovery.
In other local markets, Australian bond yields rose slightly ahead of Thursday's job data. By 11.05 a.m. (0105 GMT), 10 year T-bonds were yielding 6.81 percent, up two basis points from Friday afternoon.
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