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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (34001)	5/20/2003 12:09:38 AM
From: elmatador	Read Replies (1) of 74559

Gold hits three-month high By Kevin Morrison and Nerma Jelacic Published: May 19 2003 11:38 \| Last Updated: May 19 2003 22:06 Gold prices surged to a three-month high in London on Monday as the precious metal made the most of the renewed dollar weakness. Gold was also buoyed by data from the Commodity Futures Trading Commission (CFTC) showing that the speculative net-long position had expanded to its largest since mid-February of more than 39,000 lots. John Reade, analyst at UBS Warburg, said the net-long position equated to about 7.42m ounces, still well short of the 14m ounce position seen on February 4, the week gold hit a six-year high of $388.50. Spot gold settled at $362.60/$363.35 in New York on Monday, which was above the London fix of $359, a gain of $3.55 on the day news.ft.com

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