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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: long-gone who wrote (75902)	9/6/2001 3:18:47 PM
From: Alex	Read Replies (1) of 116842

<<Although it seems gold has registered a muted response to the sharp moves in U.S. equities in the last week, dealer Frank McGhee at Alliance Financial LLC in Chicago saw it balancing between long liquidation on one hand and new buying by those seeking a better store of value on the other. "As the stock market takes a heartbreak...we're definitely seeing some asset reallocation" into gold, McGhee said. Gold prices weren't moving higher on that buying, however, because it was being offset by liquidation selling to meet cash needs of increased margin calls in other markets, he explained. "All gold has to do is hold steady against the weakening stock market and it will (eventually) rally," he predicted. The fact that it was "battling a vicious equilibrium" meant it was doing its job as a safe haven asset, he added.>> news.ino.com

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