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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: Bob Dobbs who wrote (34373)	7/27/2000 8:04:00 AM
From: long-gone	Read Replies (1) of 116764

Thursday July 27, 6:01 am Eastern Time INTERVIEW-AngloGold sees market supported by demand By Sara Marani LONDON, July 27 (Reuters) - World number one gold producer AngloGold Ltd said on Thursday it saw limited downside potential for the metal's price as physical demand continued to provide good support. ``The physical market has repeatedly shown the ability to hold the price between $270 and $280, and that means we're taking a price view now that doesn't have a big downside potential,'' Kelvin Williams, executive director for marketing, told Reuters. But Williams said the upside was limited by lower levels of derivatives trading ``due to seasonal reasons but also to reasons of structural change that we think are going to continue determining the tone for this year.'' He added, ``Reduced levels of trading activity -- specifically reduced levels of hedge fund activity related in part to the Tiger fund closedown and to a retreat in Quantum activities -- do not mean it is a negative market or that we are negative towards it, it just means the upside will not necessarily go on infinitely once the players are in the market.'' At 0910 GMT spot gold was at $280.30/$280.80 a troy ounce, up from a New York close on Wednesday at $279.50/$280.00. Williams said peak levels of net open exposure on the New York market had fallen sharply, pointing to investor caution. ``That means they are less capable of pushing the price around and more likely to swing the price back once they've reached the limit. It stops this overextension on the downside, but it also limits upside potential.'' (cont) biz.yahoo.com

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