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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: long-gone who wrote (37452)	7/21/1999 1:56:00 PM
From: lorne	Read Replies (1) of 116770

MITSUI'S SMITH: GOLD PRODUCER HEDGES FAR EXCEED UK'S 415 TNS London--Jul 20--Gold producers have sold far more gold via forward sales and the use of options than the 415 tonnes intended for auction by the US Treasury, Mitsui Bussan analyst Andy Smith sa id today. He said the 6 mining companies who wrote to UK prime minister Tony Blair seeking clarification that the UK's sale was not intended to 'save the bacon' of short positions collectively ran a hedge book of over 900 tonnes at the end of the first quarter. (Story .15667) TOCOM PRECIOUS METALS REVIEW: GOLD FALLS ON WEAK OVERSEAS PRICES Tokyo--Jul 21--Tokyo Commodity Exchange gold contracts fell on massive selling by trading houses, dealers said. Although speculators continued to buy gold contracts at the contract's low prices, weaker overseas spot gold prices triggered trading houses to do arbitrage deals of selling TOCOM and buying spot, they said. Platinum and palladium mostly finished at around Monday's close level despite price fluctuations in the morning, the dealers said. TOCOM was closed Tuesday for a national holiday. (Story .2192) crbindex.com

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