sheldonthinks.com

The gold price closed at $743/oz in NY on Friday, taking it to a new 27 year high, and confirming a break above the previous high set in May'06. Looking at the cross-currency rates, its apparent that gold is rising partly on the basis of fundamentals and partly because of a weak $US.
There are no so many gold stocks listed in NZ, so take a look at the ASX, as ASX-listed stocks have interests all around the world. See my blogs at www.sheldonthinks.com for more details on the significance of the breakout and the best entries into the market.

sophieyan

Hey, go to have a look at greater bendigo gold mines ltd.
It is gonna to produce gold at ending March

valued share!!!

sophieyan

GBM secures 2.1 mill funding facility from ANZ.

The first full production year (July 08 to June 09) is projecting gold production approaching 20,000 ounces, turnover exceeding over $20million and NPBT exceeding $6million.

sophieyan

IT was no big surprise when it happened. It's doubtful that anyone, anywhere, popped a cork when, briefly in New York on Thursday night, gold went through the $US1000 an ounce mark.

We were expecting it. The only issue was when it would happen -- this week or next.

Now that the $US1000/oz level is done and dusted, gold bulls will already be recalibrating their expectations. Any day now there will be talk of $US1200 gold. Then $US1500. And, again, when (not if, they'll argue) those levels are reached, it will have been anticipated and talked about so much that, like this week, it will all seem faintly anticlimactic.

There'll be more joy among the miners, especially if they are not hedged.

Greater Bendigo Gold Mines is as tinny as they come.

First, it is coming to production this month. Second, it decided not to hedge that production so it -- and its shareholders -- will be getting full exposure to the spot price for the planned 20,000oz output a year.

And while the credit well is fast freezing over for sectors such as property, the stellar run by gold made it possible for Greater Bendigo to pull off a trifecta this week. ANZ loaned it $2.1 million, investors opened their wallets for a $1.07 million placement and British managed fund Pacific Capital Investment Management put up $10 million for convertible notes.

Not bad for a company whose shares have been struggling to stay above 20c and which has a market capitalisation of $19.5 million.

"I love gold," chairman Ian Smith said yesterday. And he believes he will keep on doing so. "We are not about to see an outbreak of world peace and financial stability".

Barrick Gold chief executive Greg Wilkins said in a New York television interview that he expected gold to climb a good deal further. And he ventured that the metal might find a lucrative industrial use -- replacing platinum (now more than $US2000 an ounce) in the manufacture of catalytic converters that reduce car exhaust emissions.

Why would you expect gold to stay at these levels or go much higher? Let us count the ways.

sophieyan

It looks like one person has caused the current slump in Aussie gold share
prices:

I't not just thanks to the ANZ that we have bargains around right now.

Read the following:

Bolnisi Gold chairman behind Opes fall
_____

Monday, 14 April 2008
Kate Haycock

WEEKEND media reports have revealed that former Bolnisi Gold chairman Norman
Seckold was the person who withdrew some $A100 million in stock from failed
stockbroker Opes Prime in mid-March, precipitating its $1.4 billion
collapse.

The Australian Financial Review reported over the weekend that Seckold, who
is also the chairman of Mexican-focused explorer Kings Minerals, was the
shareholder called "Client A" by the Australian Securities Exchange.

Seckold told the newspaper he had withdrawn the shares Opes held as security
for a loan taken out in 2004.

At that time, Seckold's shares in Bolnisi - which was taken over by United
States-based silver miner Coeur d'Alene Mines late last year - were worth
around $15 million but by mid-March this year they had risen in value to
around $100 million.

Seckold's decision to remove his shares from the Opes account reportedly
drew attention to irregularities within the stockbroker's accounts, which
quickly led to its demise.

In the wake of the Opes collapse, its major lenders ANZ and Merrill Lynch
were left to recover around $1.4 billion in capital by selling off shares
they seized from the failed broker.

sophieyan

"The following link is to a US radio interview where an economist board
member of G.A.T.A. explains the reasons for the recent drop in the price of
gold/silver, why it is temporary, and the reasons it will continue to grow.

http://www.kereport.com/DailyRadio/Daily042408.mp3

G.A.T.A. (www.gata.org) is the "Gold Anti Trust Action committee", an
organisation who publish evidence to support their view that the bullion
banks have artificially supressed the price of gold since the late 80's to
around 2005 by selling and leasing bullion in order to keep gold low and
paper currencies relatively strong; and that they are no longer able to do
so because they no longer have the gold reserves to deal in. This means the
long term future for gold is great, but with big, temporary price
fluctuations.