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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.87

+3.6%

Dec 11 4:00 PM EST

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To: Robert Dirks who wrote (43961)	10/26/1999 5:59:00 PM
From: Robert Dirks	Read Replies (1) of 116814

It's Starting to COME-OUT : "Bank of England had intervened in some way" NEW YORK ( AFX ) - Gold closed sharply lower after breaching two key support levels amid heavy selling in the morning and rumors late in the session of central bank intervention, dealers said. COMEX gold for current delivery closed at 288.90 usd per ounce, down 10.10 usd from yesterday's COMEX close. The December contract closed at 290.40 usd per ounce, down 10.10 usd from yesterday's close, while the February contract closed at 291.70 usd, down 10.20 usd. The most-active December silver contract closed at 5.210 usd per ounce, down 4 cents from yesterday's COMEX close. Merrill Lynch analyst William O'Neill said gold breached support levels at 300 usd and 295 usd after heavy selling from one fund in the morning session and general selling in the late session on rumours that the Bank of England had intervened "in some way" to take pressure off gold producers. O'Neill said he does not expect gold to return to its year-lows and sees support for the December gold contract at 285 usd.

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