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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC. (VSE:HGO)

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To: long-gone who wrote (296)	7/18/1997 11:19:00 AM
From: Richnorth	of 472

NY Precious Metals Review: Gold surges on short-covering By Ross Allen, Bridge News New York--Jly 17--NY Aug gold settled up $6.00 at $324.70 per ounce, surging on short-covering after a 500-lot commission-house order pushed the metal through buy-stops and local traders panicked and covered their short positions. Silver followed gold in its climb, with Sep settling up 6.0 cents at $4.245 per ounce. * * * NYMEX Oct platinum settled up $1.50 at $393.70 per oz and Sep palladium settled up $2.70 at $160.35 per oz on the physical tightness in these markets. "There are 2 types of orders in this market, buy orders under the market and buy stops over it. A short-covering rally shouldn't surprise anyone," one trader said of the mid-day rally. The market has been pressured by bears looking to push the market lower in recent weeks; however, the downside has been limited by strong demand in Asia and bargain-hunting at the lows. "They've been trying to push the market lower," the trader said. "But they haven't had any follow-through." The Reserve Bank of Australia's decision Jly 3 to sell 167 tonnes -- two thirds--of its gold reserves pushed the metal to new 12-year lows, but producer forward-selling has capped the market and prevented it from retracing all these losses. The specter of new sales by both central banks and producers has been looming over any rally and there has been little upside follow-through in these moves. Gold briefly consolidated its gains around $323 before making a fresh attempt at $325 per oz. In that late-trade move, the metal touched firm resistance and bounced back down. Silver climbed on the rally in gold, with the metal surging in late trade to touch off buy-stops to pierce $4.25 resistance before backing off its gains. SETTLEMENT PRICES Aug gold (GCQ7) at $324.70, up $6.00; RANGE: 325.00-318.40 Sep silver (SIU7) at $4.245, up 6.00c; RANGE: 4.285-4.145 Oct platinum (PLV7) at $393.70, up $1.50; RANGE: 394.50-387.50 Sep palladium (PAU7) at $160.35 up $2.70; RANGE: 162.00-155.00 SPOT PRECIOUS METALS PRICES: Late New York London Late Tokyo Gold (KRCGL) 323.50-324.00 319.00-319.50 318.50-319.00 Silver (KRCSL) 4.26-4.28 4.21-4.23 4.18-4.20 Platinum (KRCPL) 407.00-407.50 403.00-406.00 407.00-409.00 Palladium (KRCPA) 173.00-177.00 173.00-177.00 177.00-179.00 Your comments about our story are welcome at news@bridge.com

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