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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who wrote (1036)	8/22/2002 11:16:12 AM
From: 4figureau	Read Replies (2) of 5423

UBS Warburg: Gold remains rangebound, lacking any impetus to move higher and underpinned by moderate physical demand. Gold: News: Gold imports into Japan more than doubled to 7 tonnes in July according to preliminary Ministry of Finance data. July Imports were also up strongly compared to 4.6 tonnes recorder in June although the rate of imports has slowed from the 20t recorded in February. The chances of an imminent increase in Japanese gold demand appear to be receding as the Japanese Financial Services Agency is now considering extending full deposit insurance protection to ordinary deposit accounts, according to comments by the Nihon Keizai Shimbun. We believe that such a move would reduce the purchases of gold bullion by Japanese citizens, although the change in the deposit insurance rules hardly improves the strength of the beleaguered Japanese banking system. Trading: Gold had an extremely quiet session in New York yesterday with the only feature of note was a move higher from what felt like a short professional market when a terminal of Miami Airport was evacuated, although there was no follow through buying after the evacuation was found to be unrelated to terrorism. Gold held onto most of these gains in derisory trading volumes. In Asia, gold drifted a touch lower in extremely quiet trade. In early European hours we have noted some light physical interest below $307 with our sales teams expecting more of the same down to $305. View: Gold appears to be finding support through good physical demand around the current level from investors and growing interest from India. Few traders are prepared to shorten gold near the lows, due to the risks of sudden bullish events. Gold should find its balance in its narrow $306 to $310 trading-range until we get a clearer direction from currency and equity markets. 1m 3m 6m 1y 3y 5y 10y USD/XAU Impl Opt Vol (Mids) 17.4 15.95 15.26 14.4 13.0 12.25 12.0 Gold Fwd Rates 1.68 1.54 1.39 1.24 1.86 2.52 3.45 Silver: Trading: Silver had a dull and lacklustre session with trading devoid of any interesting features. View: The possibility that the large Comex spec long is cutting its silver position are slim; consequently, we believe that silver has limited downside although a rally will probably require a re-ignition of speculative long interest in gold. thebulliondesk.com

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