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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.44

-1.2%

Nov 14 4:00 PM EST

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To: Abner Hosmer who started this subject	11/16/2000 10:09:12 AM
From: Crimson Ghost	Read Replies (1) of 116762

\| Bank buying pulls gold to 3-week high By Myra P. Saefong, CBS.MarketWatch.com Last Update: 9:52 AM ET Nov 16, 2000 Newswatch Latest Headlines Get News Alerts NEW YORK (CBS.MW) -- Gold futures prices hit a three-week high Thursday morning, lifted by strong buying from bullion banks, as investors bought back into the market following nearly three weeks of trading around the $265-an-ounce level. Shares of precious-metals companies also rose. "The gold market saw more buying from Asia overnight, which is spooking some of the large fund short positions," said Dave Meger, an analyst at Alaron.com in Chicago. Large investors are buying back into the market and have taken gold futures out of their tight three-week trading range. The potential for a rally lies within the large fund net short position, Meger said, referring to the fact that many large investors have sold their positions but many have yet to offset that sale with a purchase.

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