Got this off kitco site, thought I would post it here....
I liked the last paragraph about fear...
wayne
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Gold softens to $315 support, lease rates ease
07:26 a.m. Oct 07, 1999 Eastern
LONDON, Oct 7 (Reuters) - Gold slipped briefly to $315 support during light early European business on Thursday as dealers remained wary about potential losses on their forward books after the metal's recent surge.
London gold fixed at $318.00 a troy ounce in the morning, just below Wednesday afternoon's $318.25, having surrendered the previous day's late U.S. gains after flat trade through Asia.
A more guarded attitude has replaced the initial euphoria that followed the September 26 pledge by 15 European central banks to cap gold reserve sales, gold lending and derivatives activities, which sent spot prices and equities soaring.
While many remained delighted by gold's reversal of fortune, some in the bullion banking, mining, fund investment and fabricating sectors were counting the cost of having been resolutely bearish on gold's prospects.
''There are rumours about people in trouble. The market's quiet out of fear and that's fear about jobs rather than the price,'' said a London dealer. |
