Replies to post #229 on PHLX Gold/Silver Sector (XAU)

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To:Mark Kubisz who wrote (262)
From: John Barendrecht Monday, Jul 7, 1997 9:42 AM
Respond to of 80032

N.Y. metal futures opening forecasts
NEW YORK, July 7 (Reuter) - New York metals futures were called to open by traders as follows:

COMEX August gold - down $7.00 to $8.00 an ounce

COMEX Sept silver - 4.0 to 6.0 cents lower

NYMEX Oct platinum - down $5.00 to $6.00

NYMEX Sept palladium - off $0.50 to $1.00

COMEX Sept copper - barely changed
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=1712988

To:Bobby Yellin who wrote (242)
From: John Barendrecht Monday, Jul 7, 1997 9:45 AM
Respond to of 80032

S.Africa gold index losses top 5 percent
JOHANNESBURG, July 7 (Reuter) - South Africa's all gold index shed 5.07 percent, or 48.3 points, to stand at 903.8 by 1228 GMT on Monday as the bullion price continued its recent slide.

The slip dragged the index to its lowest level since February, 1993.

The price of the yellow metal has plummeted on Monday to fresh twelve year lows of $315.00 an ounce and was last at $316/30/80.

As the gold price tumbles South Africa's marginal mines are coming under increasing pressure and earlier on Monday Randgold and Exploration Co Ltd's (RNGJN.J)East Rand Proprietary Mines Ltd (ERPM) said it had decided to cease operations at its Benoni Gold Mining Co Ltd (ERPL.J)as soon as possible due to the ailing gold price.

The plunge is also seen trimming both South African export earnings and reserves and posing a serious threat to the country's dire unemployment rate.

In real terms, the dollar gold price is at its lowest level in 21 years, while in rand terms, it is at an 18-month low.

The fall in the price was sparked late last week by news that the Reserve Bank of Australia sold 167 tonnes of the metal in the first half of this year. Some analysts believe the $300 an ounce level is not far off.