Gold stocks' decline accelerates (Artikel)

verfasst von Dimi, 29.05.2002, 23:49

METALS STOCKS

Gold stocks' decline accelerates

By Deborah Adamson, CBS.MarketWatch.com
Last Update: 4:44 PM ET May 29, 2002





NEW YORK (CBS.MW) -- Gold stocks accelerated their losses Wednesday after three
downgrades hit the sector, offsetting the precious metal's ascent to $327 an ounce.

The Philadelphia Gold & Silver Index ($XAU: news, chart,
profile) was down 3.2 percent and the CBOE Gold Index
($GOX: news, chart, profile) dipped 3 percent. The Amex Gold
Bugs Index (HUI: news, chart, profile) slid 1.2 percent.

Barrick Gold (ABX: news, chart, profile) and AngloGold (AU:
news, chart, profile) were downgraded by Goldman Sachs due
to valuation concerns and the belief that gold will be"more
challenged to rise" from current levels due to weakness in
jewelry demand. Analyst Dan McConvey also downgraded
Australia's Newcrest Mining.

Shares of Barrick Gold fell by 3.3 percent to $22.43 and AngloGold slid by 3.4 percent to $33.12. Earlier
in the session, AngloGold reached a 52-week high of $34.58.

But Charles Nedoss, an analyst at PeakTradingGroup.com, sees more upside for gold as U.S. equity
markets remain weak.

"The continued slide of the U.S. dollar versus the euro has also helped the shiny mineral. Also, a low
interest rate environment has helped buoy prices," he said."Last Friday, the commitment of traders
report showed that commodity funds continued to add to their long positions and the small speculators
who tried to pick a top exited the market licking their wounds."

"Technically, the June contract has taken out weekly highs going back to last March. On a weekly
basis, this market needs to close above $321.50 to keep the bullish forces in the driver's seat," he said.

June gold traded up $1.40 to $325.50 an ounce, after hitting $327.30 earlier in the session. Gold futures
have been reaching levels not seen in more than two years. Comex gold inventories stood at 1.56 million
ounces as of late Tuesday, unchanged.

In currencies, the dollar was off 0.1 percent vs. the yen while the euro gained 0.8 percent against the
greenback.

Meanwhile, the broader market struggled. The Dow Jones Industrial Average
($INDU: news, chart, profile) slid 0.6 percent to 9,923.04 while the Nasdaq
Composite Index ($COMPQ: news, chart, profile) gave up 1.7 percent to
1,624.39. The S&P 500 ($SPX: news, chart, profile) was down 0.6 percent to
1,067.66. Treasurys rose moderately. See Market Snapshot.

Among gold shares, Agnico-Eagle Mines (AEM: news, chart, profile) was
down 2.8 percent to $17.05, while Freeport McMoran Copper & Gold (FCX:
news, chart, profile) was down 4.5 percent to $19.86.

Newmont Mining (NEM: news, chart, profile) gave up 2.4 percent to $31.24.
Placer Dome (PDG: news, chart, profile), which made a bid on Sunday to
acquire AurionGold, was down 2.8 percent to $13.84.

Goldcorp (GG: news, chart, profile) rose by 2 percent to $11.85. Meridian Gold (MDG: news, chart,
profile) slid 2.5 percent to $18.70.

Harmony Gold (HGMCY: news, chart, profile) slid 8.4 percent to $17.28. ASA Limited (ASA: news,
chart, profile) gave up 3 percent to $37.55. Gold Fields (GFI: news, chart, profile) dipped 6 percent to
$15.10.

In other metals: July silver was up 6.3 cents to $4.945 an ounce. Comex silver inventories stood at 72
million ounces, unchanged.

July copper was down 0.6 cent to 75.10 cents a pound. Comex copper stocks stood at 334,586 short
tons, up 643.

July platinum slid 50 cents to $544.30. June palladium gave up $2.30 to 353.50.

Deborah Adamson is a reporter for CBS.MarketWatch.com in Los Angeles.











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gesamter Thread:

• Gold stocks' decline accelerates (Artikel) - Dimi, 29.05.2002, 23:49
  • Hüüüülfe, nichts wie raus - Diogenes, 30.05.2002, 10:50
    • Re: Hüüüülfe, nichts wie raus - Emerald, 30.05.2002, 10:59
      • Investmentbanken von Fässli-Analytics auf Strong Sell gestuft - Diogenes, 30.05.2002, 14:10