Thursday, January 29, 2004

From ealier this week, and article at Mineweb about how Durban Roodepoort Deep (NASDAQ: DROOY) is suing that crook Roger Kebble for 35 million rand (see DRD/Kebble rumble to resume).

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Also, a story about how DRD is buying a 1.4% stake in internet company GoldMoney.com, and Ian Murray, DRD's chief executive, says tht DRD is likely to increase its tatke to 14.3% in March (see DRD, Turk strike gold deal).

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Gold is painfully down today, due to a U.S. dollar rally based on a hint that the Fed might raise interest rates in the future (see FT.com: Gold prices under pressure).

Monday, January 26, 2004

There's an article in The New York Times about how the strong Rand is hurting the profits of South African miners (see Rising Rand Takes a Toll on Gold Earnings).

As has been pointed out many times before in this blog, the price of gold in Rand isn't so high.

"It's not so much that the rand-gold prices are low, it's more the uncertainly about where the rand is going," said Ilja Graulich, general manager for investor relations at Durban Roodepoort Deep, the gold producer. "Certainly over the next six months or so, you're going to see huge volatility in the rand leading up to the elections." A presidential election, South Africa's third since the end of apartheid, will be held later this year.

It's good to see my favorite gold stock, Durban Roodepoort Deep (NASDAQ: DROOY), make The New York Times!

Sunday, January 25, 2004

An article about gold mining stocks appears in this Sunday's New York Times (see As Gold Surges, Many Mining Stocks Gain Favor).

The article is surprisingly bullish on gold too! When gold was trading at rock bottom prices everyone said to avoid it, but now that the price is rising, more people are jumping on the bandwagon.

Mr. McKissick notes that the basic-materials component of the S.& P. 500-stock index has climbed from a low of 1 percent of the index's total value in the fall of 2000 to 3.3 percent now. That share, however, is still well below the peak of 12.2 percent, in 1981, so Mr. McKissick says he is confident that commodity-related stocks will continue climbing for some time.

Way to go Mr. McKissick!

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