Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

Eine interessante Analyse der Deutschen Bundes Bank

Öffentliche Finanzen in der Krise – Ursachen und Handlungserfordernisse

http://www.bundesbank.de/vo/do…03/200403mba_finanzen.pdf

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http://www.lemetropolecafe.com

March 24 - Gold $416.90 down $2.60 - Silver $7.61 down 8 cents

Gold And Silver Perform Admirably Under Cabal Assault

When opportunities occur through events, but you are unable to respond, you are not smart. When opportunities become active through a trend, and yet you can not formulate plans, you are not wise. When opportunities emerge through conditions, but you cannot act on them, you are not bold." Zhuge Liang, war strategist.

GO GATA!

Last evening US time the euro was up .40, silver was up 5 cents, yet gold was down $1. The sell off on the bell on yesterday’s Comex close, articulated by the cabal, suggested The Gold Cartel would come out swinging today, which is just what they did thanks to another "donkey" story:

March 24 (Bloomberg) -- The euro fell against the dollar after comments from European Central Bank President Jean-Claude Trichet raised speculation the bank may lower its benchmark interest rate to spur a flagging economic recovery.

``Should our expectations for stronger private household consumption and domestic demand as a whole not be fulfilled, we would change our forecasts accordingly,'' Trichet said in an interview with Germany's Handelsblatt newspaper. A report Friday from the Ifo institute may show German business confidence fell this month, according to economists surveyed by Bloomberg News. –END-

No action by the ECB, only more rhetoric. Gold was flying. Something had to be done. However, the euro sank sharply on this talk and gold was battered as a result – to be expected after its 7 day run higher.

The shorts were going after the gap left six days ago. They came up 50 cents short. The major reason they failed is unusual. Morgan Stanley and Goldman Sachs showed up as buyers of 700 lots with gold just below $415. It stopped the sell off in its tracks. From there, gold staged a ferocious rally, almost making it back to the unchanged level, before selling off again. Still, a remarkable day for gold in many ways. In the end it closed above its opening levels. And the gold bull market actually gained momentum in foreign currency terms today. The euro gold price finished the day somewhere around 344.70, another new high for the move. To give you some idea of how impressive this is, its 15-year high is 346. In euro gold terms, gold is about to take out the equivalent of $430 in US dollar terms.

As mentioned yesterday, this is a big deal. Gold is on fire around the world in many foreign currency terms, which means it is finally gaining attention from zillions of investors who have been snoring through the dollar gold rally. I know because of the apathetic emails I have received over the past many months from Aussies, Canadians, etc.

While gold closed lower today, its comeback off the lows was extraordinary in light of the super weak action of the euro. After 7 up days, The Gold Cartel could have buried gold, especially since they came out of the box last night with the intention of doing so. It further demonstrates how many new investors want to be part of the coming gold price explosion. This is confirmed by the floor feedback this morning that many funds were waiting for the shorts to take gold down so they could buy.

The stakes were huge today in both the gold and silver pits. Tomorrow’s close is April Comex option expiry for both gold and silver. The following are the outstanding gold options;

$400 – 6300
$405 – 2000
$410 – 7500
$415 – 4700
$420 – 7,000

There are 1016 silver $7.50 options outstanding.

The gold shorts and option writer crowd are desperately trying to keep the $415 and $420 calls from being in the money. My colleagues and I suspect the Morgan Stanley and Goldman Sachs buying this morning right below $415 was to cover some of their option exposure as they saw gold not attracting the sort of selling it usually does under such market circumstances as we had today.

The gold open interest fell 43 contracts to 281,839. The silver open interest also fell, dropping 396 contracts to 119,976. The big jump in open interest on Friday was an error and has been corrected. The March fell 4 contracts to 271. And, yes, I still don’t have my silver delivery. Three trading days left.

The silver shorts used all of their trading tricks to keep silver from exploding and they didn’t work to any significant degree, at least so far. Silver was very firm going into the Comex opening. The shorts then took it down 10 cents prior to that opening and pressed from there, bringing silver down to $7.55 where it held like a rock. Gold’s rally encouraged the longs and silver stormed higher, actually going up 5 cents on the day when the shorts pressed again, taking gold back down to $7.55 where it held like a rock again. When the normal silver liquidation failed to appear, locals were forced to cover and silver drifted back up.

This kind of volatility is going to become the norm in the future. We had all better be prepared for it and get used to it.

One more thing about silver. The key to this market is the price managers are running out, or have run out, of enough physical silver to continue their scam. For a few days here and there they can affect the price. However, they have been found out. What used to work for them so well in the past is not going to cut it any more. The mega buyers want physical and they can’t deliver.

Only a matter of time before silver blows through $8.

For gold to come back like it did today and for silver to avoid a rout is a major technical development the way I see it. We have structural changes occurring in both the gold and silver markets. Most of the world is out of physical silver. The silver price managers are going to be buried. For all the reasons discussed in MIDAS recently, a hoard of new investors are flocking to gold as THE investment of choice. It is my speculation this new amount of buying will overpower The Gold Cartel in the weeks/months ahead as they are most likely unprepared for such an onslaught.

A PS on that one: Ever since MIDAS brought to your attention the STALKER was going back into action and that the Saudis were intent on gold accumulation, gold has been on a tear.

As soon as gold reopened in the Access market, Gold Cartel forces took gold down $2 and silver back to $7.55 bid, down 6 cents, in this thinly traded market in an effort to set the tone for tomorrow’s option expiry. Always the same drill nauseating drill. One of these days soon they are going to get their head handed to them. The world is changing and they are still following their age-old game plan. It is a game plan which is going to go out of fashion and do-ability for them in short order.

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http://www.lemetropolecafe.com

The John Brimelow Report

Goldman Sachs' "Partner"

Wednesday, March 24, 2004

Indian ex-duty premiums: AM $2.93, PM $3.80, with world gold at $418.40 and $416.75. Below legal import point – PM not by a great deal. The rupee edged to another 44 month high today, marginally increasing the country’s tolerance for higher US$ prices. An article on the web site of the Ahmedabad- based National Multi-Commodity Exchange web site reports that the rupee value of gold and silver imports in the first 8 months of the fiscal year (April – Nov) rose 42%, passing machinery to become the country’s third largest import. (Less than half this increase would have been due to price changes.)

Japan remains quite unexcited by the gold price action. TOCOM volume slipped 26% to equal only 18,708 Comex contracts; open interest fell by the equivalent of 1,350 Comex lots to the equivalent of 112,534 NY. The active contract was down 2 yen, and world gold was $1.15 below the NY close at the end. The Shanghai Gold Exchange is showing discounts to world gold of about $1 for its various grades. (NY yesterday traded 96, 516 contracts – of which just over 12,000 were switches – open interest was reported to have dropped 43 lots to 281,839 contracts.)

The bullion bank commentators are now freely acknowledging the presence of strong Fund interest, which is agreed to have been the cause of the surge in NY late yesterday. No one seems keen on stipulating to the identity of the selling, which of course is equally remarkable. There are some suggestions that tomorrow’s options expiry is causing the $420 option to be defended. With well over 200,000 contracts having been sold in front of $420 this week, one wonders if this can be reasonable.

In fact, Bianco Research’s acid comments on the Goldman Sachs/Federal Reserve symbiosis this morning strikes a chord:

Zitat

"We have been commenting on the amount of leveraged speculation in the bond market for quite a while. Need a concrete example? Look no further than Goldman Sachs' latest quarterly earnings. Goldman's earnings beat street estimates thanks largely to an increase in fixed-income proprietary trading."

Zitat

"What is driving all this leverage? Cheap financing thanks to the Fed holding the federal funds rate at an abnormally low 1% and giving an indication this rate is going to stick around for a while…So, who does Goldman have to thank for the latest outsized quarterly earnings? Its "partner" in charge of financing the proprietary trading operation - Alan Greenspan."

These remarks are accompanied with a startling chart illustrating the massive increase in Primary Dealer borrowings in the past three years. This is the "Carry trade" phenomenon the BIS was reported worrying about yesterday.

JB

Bianco Research mentions Goldman Sach’s blowout quarterly earnings report and gears part of it towards the Fed and inside information about what the Fed, et al., were up to. This is no different than MIDAS ranting about Goldman Sachs and their visible Gold Cartel trading activities all these years. They are nothing more than white-collar thugs who have had a license to steal your money for a very long time.

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http://biz.yahoo.com/prnews/040325/cnth002_1.html

Press Release Source: Atlas Mining Company

Atlas Mining to Fill Halloysite Order for Overseas Buyer

Thursday March 25, 8:31 am ET

100,000 Pounds of Clay to be Shipped

OSBURN, Idaho, March 25 /Xinhua-PRNewswire/ - Atlas Mining Company (OTC Bulletin Board: ALMI - News), a natural resource and mining company, announced today it will immediately begin filling an overseas order for approximately 50 tons (100,000 pounds) of halloysite clay.

Atlas Mining President and CEO William Jacobson said, ''Our immediate focus is to extract and process enough clay to fill this order. We feel confident we'll have this order filled and shipped by the end of June.''

For reasons of competition and its right to conduct confidential research and development of the halloysite, the overseas buyer has requested anonymity at this point.

''We're pleased to have so much interest in our product,'' Jacobson continued. ''Our clay is of such high quality, we have not had to seek buyers to this point. They're seeking us.''

The company also announced today a favorable spring thaw at Dragon Mine in Juab County, Utah.

Jacobson, onsite at Dragon Mine said, ''The snow has virtually melted, and the ground is no longer frozen. We're pleased with the overall condition of the mine.'' With the exception of some scattered patches of shadow snow on the north face, the entire mine area is free from snow.

The survey team will be onsite, beginning next Tuesday, to plot the best locations for the Mill Site, as well as the underground operation. Following a completed survey, the company expects ground excavation and leveling to begin the first week of April.

''In addition to surveying the surface and making comparisons to our underground charts,'' said Jacobson, ''clearing and leveling certain operational areas on the surface will begin as quickly as possible. We need to have a concrete floor in place for the KDS processing plant, and expect to pour within the first ten days of April. The quicker we get the clay out of the ground, the quicker we'll get this first batch out to our overseas buyer,'' Jacobson concluded.

weiter...

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http://www.aktiencheck.de/anal…etype=5&AnalysenID=400912

25.03.2004

Sino Gold Einstiegschance

Das Anlegermagazin "Focus Money" empfiehlt derzeit ein Engagement in die Aktien von Sino Gold (ISIN AU000000SGX4/ WKN 164185).

Die australische Minengesellschaft Sino Gold sei das erste ausländische Unternehmen gewesen, das eine Goldmine in China in Betrieb genommen habe. Bereits 1996 habe die Suche nach Projekten in China begonnen. Sinos erste Mine, Jianchaling, habe 2003 rund 80.000 Unzen Gold produziert. Die Reserven würden jedoch nur mehr für etwa zwei Jahre reichen. Dann laufe aber schon die Förderung in der Jinfeng-Mine an. Dort dürfte Sino Gold ab 2006 rund 200.000 Unzen Gold jährlich fördern.

Sino Gold arbeite auf Grund niedriger Abbaukosten profitabel. Die Gesellschaft verfüge über zumindest zwei weitere gute Explorationsgebiete und eine große Datenbank von Hunderten potenziellen neuen Projekten. Sobald auch die großen internationalen Goldkonzerne mehr Gefallen an China finden würden, dürfte Sino Gold eins der ersten Übernahmeziele sein. Der bröckelnde Goldpreis habe auch die Sino-Aktie nach unten gezogen: eine günstige Einstiegsgelegenheit.

Vor diesem Hintergrund rät das Anlegermagazin "Focus Money" zu einem Engagement in die Aktien von Sino Gold.

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http://www.interfax.ru/e/B/0/26.html?id_issue=9683125

Finance & Business

Mar 25 2004 12:13PM

Russia's gold, forex reserves were at $84.8 bln on March 19 MOSCOW.

March 25 (Interfax) - Russia's gold and foreign currency reserves were at $84.8 bln on March 19, up from $84.6 bln on March 12, the Central Bank said in a press release Thursday. [RU EEU EUROPE ASIA EMRG AA ECI MCE LDC EUR CEN GOL GDM FRX]

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http://www.chinadaily.com.cn/e…-03/25/content_317852.htm

Mining giant to increase investment in China

(Xinhua)
Updated: 2004-03-25 08:38

Tony Trahar, CEO of Anglo American plc, a world leader in the mining industry, on Wednesday gave a positive assessment of the Chinese government's efforts to improve the environment for foreign investment after his personal visit.

Anglo American plans to increase its investment in China, to explore resources of rare minerals like gold and diamonds, he said, adding, "I don't believe China's mineral resources have been fully explored."

Anglo American could help China find more minerals with its expertise and advanced technology and equipment, he said. He also suggested that his company could help China resolve the problem of mining safety by improving safety standards.

At a ceremony Wednesday, Anglo American donated three mineral samples, of gold, platinum and diamond, respectively, to the newly built Geological Museum of China, in the presence of Minister of Land and Resources Sun Wensheng.

The donation of the mineral samples indicates the company's desire to share its international experience, knowledge and expertise with China, the CEO said.

Anglo American was established in Johannesburg in 1917 and became a public limited company (plc) on the London Stock Exchange in 1999. The company now has capital of US$37 billion and annual sales of US$21 billion.

It is mainly involved in gold, platinum, diamonds, coal, base and ferrous metals, industrial minerals, and paper and packaging.

In the mid-1980s, Anglo American began cooperating with China in mineral exploration, and since then, it has invested in a number of mining and industrial projects in the country.

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http://news.goldseek.com/GoldenBar/1080230144.php

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Gold $475, as Recovery Trade Unwinds

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http://news.goldseek.com/Inter…Forecaster/1080232402.php

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International Forecaster March, 2004 (#4) - Precious Metals & More

By: Bob Chapman, The International Forecaster

GOLD, SILVER, PLATINUM, PALADIUM AND DIAMONDS

De-hedging is expected to be 11 million ounces this year versus 10 million ounces last year. Many producers who are locked into contracts to sell gold at lower-than-market prices are unwinding these positions, de-hedging. Hedging has depressed gold prices since 1987 and now that the metal has to be bought back or delivered into, producers are losing profits. Even the de-hedging of 11 million ounces is inadequate. They are still tending to play the short side of the market on balance. Seventy percent of the de-hedging has been done by Newmont, caused by acquisitions, Anglogold, Barrick Gold and Placer Dome. Conversely, these and other hedgers, forced into hedging due to financers, could add two million ounces to the global hedge book this year. How this works is a producer goes to a bank or investment-banking house for money to start or continue a project. The lender says fine, but to protect us you have to sell forward production now, otherwise you do not get the money. We do not believe the de-hedging figures because the figures on the books of bullion banks are staying the same or rising. Again GFMS and Anglo are lying.

As we predicted there is little silver for sale and there is big money looking for delivery. The stage has been in the process of being set since last fall. As deliveries come due, as the year wears on, pressure for higher prices will be dominant. The government manipulation and fraud will be exposed over the next year. Price increases will be relentless. Fund activity has actually been waning and liquidation of long positions has brought their total down to about 1,700 contracts. In their place commercials have set over 2,200 new long positions. The funds will be in on the long side again driving prices higher and the commercials are hedging for delivery by setting long positions. The commercials are terrified and you can bet they will be big buyers all the way up. Their terror is professional, they are not taking the losses, our government, that is you and we are. The upside will be a tug of war with the longs winning again and again. This is not going to end. The demand for silver is relatively inelastic and there is little or no physical inventory. The commercial short position is almost at the high, set last fall and we see some covering as they set longs. The losses being taken are large. We wonder what the Treasury thinks of that. They cannot be too happy. If they are not happy now wait until they see what is in store for them. There is no physical inventory. Our predictions’ years ago were spot on and they will continue to be correct. Worse yet, rumors abound that the Chinese have tied up 75% of the world’s 2005 silver production. This is explosive if true. They certainly need the silver, but they also want to dump dollars. We are getting closer and closer to a silver explosion. Backwardization is just around the corner. May silver will soon start to trade over December. When that happens silver will accelerate to the upside. Many of the precious metals sites on the Internet, who have been so wrong about both silver and gold, are going to lose their credibility and viewership. We recommend http://www.Goldseek.com and http://www.Silverseek.com .

These are the best sources for true unbiased information. There is absolutely no question that silver will test its 1980 high next year and many investors will get wealthy in the process.

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http://www.silive.com/newsflas…ss-1/1080232457311700.xml

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Business News

Thursday's Gold Coin Prices

The Associated Press

3/25/2004, 11:25 a.m. ET

Selected coin prices Thursday

Gold Coins

Bid Chg.

American Eagle, 1 troy oz. $434.82 up $ 0.88
American Eagle, .50 oz. $224.69 up $ 0.45
American Eagle, .25 oz. $113.39 up $ 0.23
American Eagle, .10 oz. $46.60 up $ 0.09
Austla. Kangaroo, 1 troy oz. $434.82 up $ 0.88
Aus. Philharmonic, 1 troy oz. $434.82 up $ 0.88
Maple Leaf, 1 troy oz. $434.82 up $ 0.88
China Panda 1994, 1 troy oz. $441.07 up $ 0.90
Krugerrand, 1 troy oz. $422.10 up $ 0.85
U.S. Silver Coins $1000 face
value pre 1964 circulation. $5598.45 off $96.53
U.S. Silver Eagle, 1 troy oz. $9.39 off $ 0.14
U.S. Platinum Eagle, 1 troy oz. $952.18 off $ 8.38
Bulk wholesale prices. Source: Manfra, Tordella & Brookes, Inc.
Rare U.S. Coins (Mint State 65)
Bid Asked
Morgan Silver Dollar $95.00 $108.00
Peace Silver Dollar $104.00 $120.00
Walking Liberty Half Dollar $68.00 n.a.
$20 Liberty Gold Type III $4050.00 n.a.
$20 St Gaudens, motto $1035.00 n.a.

Source: Certified Coin Exchange

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http://www2.ccnmatthews.com/sc…pl?/current/0325062n.html

NEWS RELEASE TRANSMITTED BY CCNMatthews

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FOR: BEMA GOLD CORPORATION

AIM BAU

TSX, AMEX SYMBOL: BGO

MARCH 25, 2004 - 11:56 ET

Bema Gold Corporation: Reminder Notice of 2003 Fourth Quarter and Year End Results Conference Call/Webcast

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar 25, 2004) - Bema

Gold Corporation (TSX:BGO, AMEX:BGO, AIM:BAU) will release its
fourth quarter and year end results after the North American
markets close on Thursday, March 25, 2004.

Clive Johnson, President, Chief Executive Officer, and Chairman
of Bema will host a conference call and webcast to discuss the
results on Thursday, March 25, 2004 at 2:30 pm PST / 5:30 pm EDT.

You may access the call by calling the operator at 416-695-9753
or toll free 1-877-888-3855 prior to the scheduled start time. A
playback version of the call will be available for one week after
the call at 416-695-5275 or North America toll free
1-888-509-0082.

This meeting is being webcast by CCBN and can be accessed from
Bema Gold's web site at http://www.bema.com .

Bema Gold Corporation is an intermediate gold producer with
operating mines and development projects on four continents. The
Company's objective is to increase annual gold production to over
1 million ounces from existing assets by the year 2007.

For more information on Bema Gold please contact Investor
Relations at (604) 681-8371 or toll-free 1-800-316-8855 or
alternatively visit the Bema web-site at http://www.bema.com .

The webcast is also being distributed over CCBN's Investor
Distribution Network to both institutional and individual
investors. Individual investors can listen to the call through
CCBN's individual investor center at http://www.companyboardroom.com or
by visiting any of the investor sites in CCBN's Individual
Investor Network. Institutional investors can access the call via
CCBN's password-protected event management site, StreetEvents
(http://www.streetevents.com).

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Bema Gold Corporation
Investor Relations
(604) 681-8371 or Toll Free: 1-800-316-8855
Website: http://www.bema.com

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SUPER GOLD BULL

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"The race to own real money is just beginning and this super bull market has a long, long, long way to go."

(More)

PACIFIC Exchange Rate Service

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© 2004 by Prof. Werner Antweiler, University of British Columbia, Vancouver BC, Canada.

Permission is granted to reproduce the above image provided that the source and copyright are acknowledged.

Time period shown in diagram: 25/Dec/2003 - 24/Mar/2004

PACIFIC Exchange Rate Service

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© 2004 by Prof. Werner Antweiler, University of British Columbia, Vancouver BC, Canada.

Permission is granted to reproduce the above image provided that the source and copyright are acknowledged.

Time period shown in diagram: 25/Dec/2003 - 24/Mar/2004

Für diejenigen unter den Lesern im Thread, die diesen extrem aussagekräftigen englisch sprachigen Bericht nicht übersetzen können:

Der New York Federal Reserve Bank*FED* President Timothy Geithner, warnt darin eindringlich vor dem ausufernden amerikanischen Budget Defizit, und bemängelt die niedrigen Sparquoten, die zusammen für die US Wirtschaft, und das gesammte Finanzsystem eine reale Bedrohung darstelle. Auch sieht er die Gefahr, dass dieses US Budget Defizit eventuell nicht mehr finanziert werden kann, falls die US Regierung nicht dringend Massnahmen beschließt. Er Spricht von Risk Management, was man auch als, die Krise verwalten übersetzen kann. Er nennt das US Budget Defizit "Beispiellos" (unprecedented!)

Nun, wenn auch die FED heute zugibt, dass Amerika sich in einer waschechten Finanzkrise befindet, und deren Ausgang bei einer Weiterführung des Ausgaben-Wahnsinns sehr ungewiss ist, sollten wir vielleicht doch noch etwas mehr physisches Gold, und Silber kaufen, als wir es hoffentlich alle bereits getan haben.

Gruss

ThaiGuru

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http://biz.yahoo.com/rb/040325/economy_fed_2.html

Reuters

NY Fed Warns of Potential Deficit Fallout

Thursday March 25, 10:36 am ET

By Pedro Nicolaci da Costa

NEW YORK (Reuters) - A ballooning budget deficit and low savings rate pose risks to the U.S. economy and the financial system, New York Federal Reserve President Timothy Geithner said on Thursday.

Zitat

"The current deterioration in the U.S. fiscal position and the acute decline in the net national savings rate represent risks to the financial system and the economy as a whole,"

Geithner told the New York Banker's Association.

Geithner said such looming risks were made all the more worrying by the size of the U.S. current account deficit and the unprecedented scale of financing needed to fund it.

The central banker urged the United States to strengthen risk management in an increasingly complex financial environment to guard against any eventualities.

He also noted that U.S. inflation was very low and the outlook was for only very modest prices rises ahead, but offered little in the way of hints on monetary policy in his first major speech since becoming NY Fed President.

GREENSPAN ON FARMS

Fed Chairman Alan Greenspan also refrained from using any language that might suggest the future direction of interest rates.

In a separate speech on Thursday, Greenspan said open global markets are needed to ensure that consumers worldwide enjoy the benefits of rapid gains in agricultural productivity.

Greenspan noted advances in farm productivity had brought wrenching changes over the years in the U.S. economy, as workers first migrated to manufacturing and more recently into service industries.

But he told the conference, sponsored by the Kansas City Federal Reserve Bank and the Organization for Economic Cooperation and Development, that such "dislocations" were a worthwhile price to pay for the increases in living standards productivity brings.

Financial markets are awaiting speeches from Fed Board Governor Donald Kohn and St Louis Fed President William Poole for any clues regarding the timing of an eventual interest rate hike from the central bank.

On Wednesday, two Federal Reserve officials warned investors that loose monetary policy conditions will not last forever, particularly in light of robust U.S. economic growth.

Job creation has been the missing component in the U.S. economic recovery, and until it picks up in breadth and speed, the Fed has suggested, borrowing costs are likely to remain at 1 percent, their lowest level in 46 years.

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http://www.mips1.net/MGGold.ns…6E620050FC37?OpenDocument

SA gold stocks get royalty relief

By: Stewart Bailey


Posted: 2004/03/25 Do 16:44 | © Mineweb 1997-2004


JOHANNESBURG (Mineweb.com) -- The South African gold industry will get some respite from a planned revenue royalty, after a senior government official said today the quantum of the tax was being reconsidered.

Martin Grote, chief director of tax policy at the National Treasury and one of the main architects of the Royalty Bill, told Bloomberg News at a mining conference in Johannesburg today, that the 3% revenue royalty was too high and would be reconsidered.

Zitat

“The royalty rate for gold and for gold mining will definitely undergo review. The current gold royalty rate at 3% is too high, it is a dying industry,”

he said.

A year ago, the South African government issued the first draft of the so-called Royalty Bill for comment. The document proposed royalties of 8% for diamond miners, 4% for platinum, 3% for gold and lower levels for bulk commodity and aggregate producers. The original document’s proposals were greeted by a hail of criticism from local mining firms whose calls for the royalty to be scrapped – or at least changed to a less-onerous profit royalty – have intensified as the strong rand has peeled their margins. Miners have argued that a royalty would sterilise vast portions of South Africa’s mineral endowment.

James Wellsted, mining analyst at JP Morgan, said Grote's comments confirmed the bank's view that the review of the Royalty Bill would yield more positive information. "It's our sense that there's still more positve news to come out of this process," he said.

Paul Hansen, retail investment director at Stanlib Asset Management in Johannesburg, said Grote’s remarks were the first time the government had shown its intention to backtrack on the royalty. The finance ministry said previously it would stick by its decision to charge a revenue tax, but it had not yet commented on the quantum of the royalty.

Hansen said Stanlib still considered the Johannesburg gold board to be too expensive, especially considering the looming royalty burden the companies would face. He said, however, that relief on the royalty would be positive for sentiment toward the sector, especially for foreign fund managers, who hold the bulk of South Africa’s gold shares.

Zitat

“This is potentially a big positive for foreigners,”

said Hansen.

The South African gold index hardly reacted to the news and was up 0.4% in late afternoon trade, to 2,222 points.

Das Gold Cabal hatte sich
wegen Ihren ausgegebenen Gold Calls wohl einen
weit tieferen Gold Preis erhofft?

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Reuters

Goldpreis zieht nach Anschlagswarnung leicht an

Donnerstag 25. März 2004, 17:30 Uhr

London, 25. Mär (Reuters) - Der Goldpreis hat sich am Donnerstag nach Anschlagswarnungen in den USA gegen Geschäftsschluss in Europa leicht erholt und um einen Dollar über dem Vortagesniveau geschlossen. Nach Händlerangaben nahm das Interesse an Gold zu, nachdem das amerikanische FBI erklärt hatte, texanische Ölraffinerien könnten Ziel eines Anschlags sein.

Gold notierte zum europäischen Handelsschluss bei 417,60/418,10 (Vorabend 416,00/416,75) Dollar. Das zweite Londoner Fixing lautete auf 416,10 Dollar nach 416,60 am Vormittag und 415,25 Dollar am Mittwochnachmittag. Der Kilopreis wurde von einer Schweizer Grossbank mit 16.988/17.238 (16.914/17.164) sfr angegeben.

ajs/par

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Press Release Source: Bema Gold Corporation

Bema Gold Corporation: 2003 Fourth Quarter and Year End Results

Thursday March 25, 4:04 pm ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 25, 2004--Bema Gold Corporation (AMEX:BGO - News; TSX:BGO - News; AIM:BAU) reports the results from its operations for the fourth quarter and year ended December 31, 2003. All dollar figures are in United States dollars unless otherwise indicated.

2003 Highlights

Increased annual production by 113% to over 250,000 ounces of gold
Increased revenue by 139% to $86.8 million
Reduced project debt by $19.2 million
Continued to strengthen balance sheet by raising $58.7 million
Exceeded production budget and reduced operating costs at Julietta Mine, Russia
Completed plant expansion at Petrex Mines, South Africa
Announced plans to recommence gold mining at Refugio Mine, Chile
Completed successful phase one drill program at Kupol gold and silver property, Russia

Gold Revenue

Gold revenue in 2003 totaled $86.8 million on sales of 245,523 ounces at an average realized price of $354 per ounce. The Julietta Mine accounted for $39.5 million from the sale of 116,066 ounces of gold at an average price of $340 per ounce while $47.3 million was contributed by the Petrex Mines from 129,457 ounces of gold sold at an average price of $366 per ounce. Gold revenue and production increased by 139% and 113%, respectively, in 2003 due to the Company's acquisition of the Petrex Mines in February 2003.

Gold revenue in 2002 totaled $36.3 million on sales of 117,583 ounces at an average realized price of $308 per ounce, of which $33.4 million was contributed by the Julietta Mine from 107,602 ounces sold at an average price at $310 per ounce.

Gold revenue for the fourth quarter was $26.7 million on sales of 69,545 ounces at an average realized price of $384 per ounce. Julietta contributed $11.8 million from the sale of 31,819 ounces at an average price of $372 per ounce and Petrex accounted for $14.9 million from the sale of 37,726 ounces at an average price of $394 per ounce.

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