gold - fireworks soon!, page-17

Yesterday, in posting, I made the following comment:

"The Australian Gold Council was reporting at the end of the September Quarter in 2002 that the average gold price for the quarter was A$577/0z, and for the 12 month period, was A$563/oz.....In current terms, today's spot price in gold is at or about A$600/oz....
In the space of 18m+, the A$ gold price has risen by <7%, and since Q3,02, by ~4%".

I should have looked more closely at the figures. For that, I apologise.

What I should have said was the following:
1)
A$600 will not be reached until U$400 is breached (assuming same, or approximate, FX rates);
2)
@65.75 FX conversion, Au gold translates to A$559 (with gold @U$367.60);
3)
yesterday, gold was higher, but even at that higher price, gold was still trading @
So, current gold trading in Au terms is less than the average realised during Q3/02 (ie: A$577/oz), and approximately the same as that achieved on average during the 12 months, ended 30 September 2002.

Gold stocks move for all manner of reason and and purpose. But surely, one of those reasons must be a rising goldprice in Au terms. Based on the above figures, this has not yet occurred, even though gold in US terms has increased by U$50+ during this same period (even more, compared to the last 18 months).

Gold profits could well still be eluding the gold bugs in Australia because, as I stated yesterday, "once converted to A$ terms, the recent rises have been singularly unspectacular".