United Keno Hill, UKH, Toronto**** Opportunity Knocks! Message Board

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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks!

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To: igor who wrote (878)	4/13/1998 4:24:00 PM
From: The Lone Ranger	of 1348

04/13/98 - 15 Trades for UKH Ex Time Price Change Volume Buyer Seller Marks T Apr 13 15:31 0.70 -0.06 3000 085 ScotiaMcLeod 007 Green Line K T Apr 13 15:31 0.70 -0.06 1500 085 ScotiaMcLeod 007 Green Line K T Apr 13 15:31 0.70 -0.06 500 085 ScotiaMcLeod 007 Green Line K T Apr 13 15:31 0.70 -0.06 500 039 Midland 007 Green Line K T Apr 13 13:28 0.70 -0.06 250 094 094 014 Brink EC T Apr 13 13:28 0.70 -0.06 1000 085 ScotiaMcLeod 014 Brink K T Apr 13 13:28 0.70 -0.06 500 039 Midland 014 Brink K T Apr 13 13:28 0.70 -0.06 500 007 Green Line 014 Brink K T Apr 13 12:33 0.70 -0.06 410 094 094 091 CT International EC T Apr 13 12:33 0.70 -0.06 5500 039 Midland 091 CT International K T Apr 13 12:20 0.70 -0.06 175 094 094 007 Green Line EC T Apr 13 12:20 0.70 -0.06 500 007 Green Line 007 Green Line K T Apr 13 11:03 0.70 -0.06 3500 039 Midland 007 Green Line K T Apr 13 11:01 0.70 -0.06 10000 007 Green Line 007 Green Line K T Apr 13 10:58 0.73 -0.03 3000 063 Levesque Beaubie 007 Green Line KL MARKET UPDATE (4/13/98) AM---- Gold moved to higher ground early on fresh producer squaring that started in Hong Kong and continued in London overnight and the United States early. The bullion banks have been selling into this rally and hedge funds have been buyers according to one Reuters source. One wonders how much of the bullion bank shorting has to do with true hedging and how much has to do with protecting previously established short positions ala the Nick Leeson/Barings Bank and Sumitomo fiascoes from previous years. It would be difficult to justify forwarding your production under current circumstances if you happened to be the individual in charge of hedging operations for a strong/rational producer. All indications are that the metal is headed higher. If the bullion banks are truly shorting this market beyond legitimate hedging operations, it is difficult to justify the reasons why. And they may not be. In the same report that starts by citing bullion bank selling, ends with a report that bullion banks are advising their producer clientele to square their positions as soon as possible. The second suggestion seems more practical than the first. Market action would also prove the latter report. Whenever the metal drops it is supported by short covering. These are the circumstances we predicted months ago in a series of articles written for Money World magazine. As we said then, short covering could touch a major run-up in the gold price based on the sheer volume of short positions that need to be squared. We could very well be smack-dab in the middle of that run-up right now. Most of the technical indicators point to momentum swinging in favor of the bulls. Reuters reports that hedge funds have now moved net long by 5247 lots as of April 7 -- " a sharp turnaround" from 34,653 short two weeks ago. As reported here in the weekend report there are several bullish factors aiding gold including the lack of central bank activity for the next two years in the face of the new European currency and gold backing for that currency in the 10% to 30% range. That's it for now. It could be an interesting day, fellow gold-meisters. Perhaps we would be well advised to buckle our seat belts.

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