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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL

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To: Ronald P. Margraf Sr. who wrote (2271)11/12/1998 1:31:00 AM
From: KMTMAN  Read Replies (1) of 2635
 
COMMENTS OF THE DAY: Commodities rose slightly on Wednesday, while precious metals ended mixed. Gold dipped 50 cents, silver edged up 0.7 cents, platinum rallied $2.30, and palladium gained $1.10. The yellow metal in morning trading attempted to cross above its 200-day moving average but failed, and did not try a second time. The U.S. dollar was modestly lower against most major currencies, while bond trading was closed for the Veterans' Day holiday. Stocks initially rallied sharply but ended the day mostly lower, with small caps continuing their recent trend of underperforming large caps, usually a bearish portent. The Russell 2000 index of small-capitalization U.S. stocks started the day moderately higher but ended with a moderate net loss for the third consecutive trading day, re-confirming Monday's bearish key reversal. This is a negative technical performance likely to lead to greater losses in the near future.

According to a report in the Wall Street Journal, the European Central Bank (ECB) plans to increase its gold and foreign exchange reserves next year by between 130 and 180 billion European currency units (ECUs). The report said the increase would come from the national central banks and would be in addition to the 39.46 billion ECUs they are due to hand over to the ECB at next January's debut of the Economic and Monetary Union (EMU).
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