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Gold/Mining/Energy : A Canadian Junior Gold Hunt
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To: Rocket Red who wrote (80)1/25/2003 8:10:56 PM
From: Rocket Red   of 96
 
Gold strengthens further on speculative buying
>
> By Adrienne Roberts
> Financial Times
> Friday, January 24, 2003
>
> search.ft.com
> id=030124000577&query=gold&vsc_appId=totalSearch&state=Form
>
> Gold strengthened again on Wednesday night
> as aggressive speculative buying set in after the US
> close. The metal hit a six-year high of $364.50 an
> ounce in Asian trade, fixing at $364.70 yesterday
> afternoon in London.
>
> Jeffrey Christian at CPM Group suggested that
> speculators were positioning themselves to take
> advantage of a possible price spike caused by
> congestion in the New York market at the end of
> this month.
>
> The February Comex futures contract becomes
> deliverable on January 31. Mr Christian said
> speculators were betting that people who sold the
> February contract would find it hard to get the
> physical gold they need to deliver against their
> February positions.
>
> "They will thus want to buy offsetting February
> contracts while either closing out these short
> positions or rolling them forward into future delivery
> months," Mr Christian said.
>
> He pointed out that as of January 21 there was a
> total of 11.2m ounces of open interest in the February
> Comex futures contract, compared with only 1.7m
> ounces of bullion stocks registered against Comex
> positions.
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