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Gold/Mining/Energy : AVL.V - AVALON VENTURES

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To: Tico who wrote (586)	3/13/1998 1:39:00 PM
From: DRT	Read Replies (1) of 1474

Only the traders could have been misled - those holding the stock are doing it for the same reasons as yourself - we are confident that the company is undervalued with significant potential for growth in 1998. Information only: This is the latest on palladium markets ... _________ Friday March 13, 9:55 am Eastern Time NY precious metals mostly up, palladium stronger NEW YORK, March 13 (Reuters) - New York precious metals were mostly higher in the first hour of trading Friday, with palladium showing its fourth consecutive life-of-contract high in the May contract. The Kremlin's report that Russian president Boris Yeltsinwas cancelling engagements because of an acute respiratory infection added fuel to the market overnight. But analysts downplayed its impact on the NYMEX floor. NYMEX May palladium was at $261.00 an ounce, up $6.00 from Thursday's close, trading in a range between $255.00 and $261.00 an ounce. ''There's a panic going on in the palladium market,'' said James Steel, commodity analyst with Refco Inc. ''I don't think it has much to do with Yeltsin. It's mostly panic short-covering.'' The March-June spreadread has moved from a $3.75 backwardation to a $10.00 backwardation since the rally began on March 6. ''Put it this way,'' said one floor trader. ''If I were still short in March, I'd be scared witless at this point.'' The rally has occurred against the backdrop of a delay in the approval of Russian export licenses to allow shipments of metal to Russia. __________ DRT

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