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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.76

-6.4%

4:00 PM EST

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To: scotty who wrote (12190)	5/26/1998 5:55:00 PM
From: Broken_Clock	Read Replies (1) of 116834

From CRB report today....yen at 150 = gold at ??? 250??? At that price 2 things can happen...nobody wants to own it so the mines go out of business or it takes one heck of a bounce as supply dries up from mine closures. PRU is one of the cheapest producing mines in the world and HM steps up to take total control today. In addition, gold's slide was accelerated by technicals, with strong trade selling uncovering stops below the market. The move appeared to be a short-term speculative play, with several trade houses selling into the market right above support at $297.50 and at $295.90, traders said. The selloff left gold looking weak technically, having hit its lowest level since Mar 23 and settling only 70c above its session low. "A lot of it was that they knew there were sell stops below the market," one trader said. "It's a significant break." crbindex.com

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