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Gold/Mining/Energy : SRU-ASE : STARFIELD RESOURCES

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To: CIMA who wrote ()	3/15/2000 10:57:00 AM
From: winston.s.c	of 1239

Wednesday March 15, 7:10 am Eastern Time Palladium ignores TOCOM price freeze, gold in range LONDON, March 15 (Reuters) - Palladium prices ignored the extension of a price freeze on the world's largest palladium futures market, the Tokyo Commodity Exchange (TOCOM) on Wednesday while gold remained locked in its recent range, dealers said. Dealers said palladium shrugged off TOCOM's decision to maintain the price freeze on April-December contracts until they expire. ``There was no immediate impact on prices following the TOCOM announcement,' metals traders Standard Bank London said in a report on its website (www.standardbank.com). TOCOM took the steps last month amid fears of bankruptcies among market players with huge short positions who were caught by palladium's sharp rally to a high of $815.00 a troy ounce as Russia -- the world's largest supplier -- failed to deliver metal to the market. Prices have since dropped back but concern over Russian deliveries of palladium, mainly used in catalytic converters to clean exhaust fumes, and continued demand from auto makers, were continuing to support prices. Spot palladium was last quoted at $690.00/$720.00 an ounce from the New York close at $685.00/$715.00. Sister metal platinum was last unchanged at $478.00/$484.00. Gold remained in its recent range and dealers said the yellow metal should hold steady around current levels ahead of Britain's fifth gold auction next week. The Bank of England will conduct the fifth British gold auction on March 21 as part of its plan to reduce official gold holdings to 300 tonnes from 715 tonnes. Next week's auction will be the last in the current tranche of sales and the UK Treasury announced the next set of sales on March 3. This series of sales will see 150 tonnes of British reserve gold sold on six 25-tonne auctions starting in May, 2000. Dealers said gold should continue to benefit from physical demand while producers seemed to be happy with the price around the $290.00 level. ``Physical buyers are happy with the current price level and producers can certainly live with gold around $290.00,' Standard Bank said. Spot gold was last quoted at $288.70/$289.20 from the New York close at $288.55/$289.25. Silver remained quiet and was last quoted lower at $5.07/$5.09 from the $5.09/$5.11 New York close.

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