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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: Roman S. who wrote (6958)	1/30/1998 11:19:00 AM
From: Alex	Read Replies (2) of 116756

Roman : From USA Gold site.............. MARKET UPDATE (01/30/98) AM-----Gold moved aggressively to the upside this morning surprising short side traders who were hoping for a weak open. Attempts by the shorts to drive the gold lower were frustrated by strong physical demand in the Far East and Europe. The markets can't seem to shrug off the Asian problem, increasing tensions in the Middle East and the effects of the latest Clinton scandals. Under particular duress is Congressional reaction to the IMF funding measures about which Rubin and Greenspan will talk later today. I expected gold and the dollar to be down today quite frankly because there is little doubt that public perception will be that the IMF is going to get its funding. It won't be until next week that it will sink in with the public that the IMF funding is going to be a problem for the weakened Clinton White House. Also, keep in mind that rumors still hang heavy over the markets that Rubin is thinking about returning to the cozy confines of Wall Street and that the attempt to re-fund IMF could be his last curtain call. Gold moved higher on agressive short covering. Today is notice day wherein the shorts announce whether or not they will deliver gold and the longs announce if they are taking delivery. So far it looks like there may be something to the rumors about a squeeze. Also helping the gold market today is sympathetic overflow from an announcement by NYMEX that there is no basis to claims that a group of traders were trying to corner the silver market.

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