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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (49445)6/25/1999 1:17:00 PM
From: John Pitera  Read Replies (2) of 86076
 
Myth, and ALL some fundies on Gold's little uptick...interesting political machinations afoot-ng-

COMMENT - Precious metals steady this morning with little fresh news. Yesterday, precious metals closed mostly higher in relatively quiet trading. Reports that resistance to IMF gold sales was building in the U.S. Congress helped firm gold prices. Yesterday, with the exception of palladium, precious metals prices were steady to higher. Higher gold prices appear to be reflecting indications of growing congressional opposition to IMF gold sales. Reportedly Sens helms and Hagel have added their names to a growing list opposing the sales. A KR story run Wednesday indicated the bill will face organized opposition in both houses and from both political parties. It is unclear when the administration will introduce the bill to Congress. Tuesday, Deputy Treasury Larry Summers, speaking to the Senate Banking Committee, said the U.S. would not be able to back IMF gold sales unless Congress authorizes the plan. Summers also said the administration would not try to "go around" Congress on this issue if Congress declined to back the sales. Senior South African gold mining officials are in Washington to lobby Congressmen to vote against the IMF plan. The World Gold Council, also dedicated to defeating the measure, has calculated that gold's price fall from $290 has already lost developing nations who would benefit from the IMF gold sales more than $150 million in annual export earnings.. Gold prices could move into a range of $260 to $250 as they approach a longer- term technical objective of $250. From that level we would turn more constructive on upside prospects for gold based on an estimated 1,000 tonne supply shortfall and other central banks with large gold reserves will not sell. Silver continued to test near term resistance at $5.15 basis July. On June 23 after the close, Comex warehouse stocks were reported down 300,926 oz. The silver market appears to have identified good support at $4.85 but a significantupmove is not expected since a more balanced supply/demand situation is expectedfor the silver market in 1999. We expected this rally to start to run out of gasin the $5.20-5.30 range. We continue to view the likelihood of lower platinum exports from Russia this year compared with the high level of a year ago as supporting platinum prices from the $340 area. Ample South African supply and a still weak economic backdrop for Japan is expected to limit upside potential for platinum above the $380 level.

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