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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone	3/23/2007 5:19:19 PM
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Chinese gold liberalization leading to uncertainty: trader Source: Platts metalsplace.com Despite a number of players deciding to hug the sidelines and wait and see how the gold market pans out, China's moves in towards internal liberalization are causing some concern, according to one Continental European trader contacted by Platts on Friday. "The market is in a strange state at the moment, with people waiting on the sidelines to see if they can pick up on the next big trend," said the trader. "There's a degree of uncertainty in the market, particularly in relation to Chinese discussions on liberalising metals trading in their own country." London spot gold was bid at $661.95/oz at 1137 GMT, with a London AM fix of $662.15/oz, slightly down on its Thursday PM fix of $663.00/oz. The euro was bid at $1.3311. "I'm not sure we'll see spot gold go below $660/oz for a while, with the strengthening dollar prompting some more buying," said the trader. "However, we're still in a pretty congested market." James Moore, in his daily comment on TheBullionDesk.com, argued that "rising energy costs and the inflationary impact this will have on the global economy will likely prove very supportive to gold and its unique anti-inflationary qualities", with technical support found around the $661-656/oz chart lines."

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