BANDORE Message Board - Msg: 4031910

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Gold/Mining/Energy : BANDORE

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To: geoff s. who wrote (1217)	4/11/1998 10:35:00 AM
From: geoff s.	Read Replies (1) of 1692

Food for thought MARKET UPDATE (4/10/98) AM---- The U.S. gold market is closed today. We will offer this morning in place of our regular report what amounts to a summation of gold's current bullish qualities as reported by Reuters yesterday. We follow it with some observations that I would characterize as an overview of the current American social mind set. Enjoy! and have a nice Easter weekend. (We're going to the Sangre de Cristos to watch the snow melt.) 1. Gold has recovered from the $278 bottom to the highest levels since last November. 2. Bullion banks are encouraging their clients to square short positions. 3. Hedge fund are reducing their short positions. 4. The current higher gold interest rate environment "does not encourage North American to do long term hedging." 5. Expectations are that the European central bank will hold around 10% to 20% in gold reserves. (The Italian finance minister has said that he thinks the gold reserve could be as high as 30%!) 6. Analysts expect gold sales in Europe to be frozen for at least the next two years.

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