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To: Baba 2 who wrote (38812)	8/11/1999 1:40:00 PM
From: Rarebird	Respond to of 116764

The Heat Is On. NEW YORK , Aug 11 (Reuters) - Gold was higher in early dealings Wednesday, with bullion buying starting just before the futures open, when a slew of stop-loss buy orders were executed, dealers said. "The market was bullish this morning. Because we opened up at such a high level, stops were elected right off the opening bell," said Carlos Perez-Santalla, a dealer at Hudson River Futures. COMEX December gold at 0914 EDT was up $1.10 per ounce at $260.90, having traded as high as $262.00. Spot bullion was quoted at $258.40/90, compared with the early fix at $256.90 and Tuesday's New York close at $257.30/80. A New York investment bank reportedly started buying in the cash market, then in futures where another bullion dealer sold into the rally in sufficient size to chop gold's gains. Dealers said that while prices remain well away from levels that might threaten the profits of the massive short positions in the market, the market was taking a less bleak view of the metal's fundamentals. "A couple of days ago, we started hearing reports from Russia, from China saying they had absolutely no intention of selling any gold whatsoever, or of changing their gold postion," Perez-Santalla said. "Small fundamental things like this are lending credence to the idea that the market could go higher, plus there is the fact that the market is still overwhelmingly short on the speculative side," he said. Earlier this week, China's Daily's official Business Weekly ran a story that China was unlikely to sell its gold reserves, despite planned sales by other central banks. On the physical offtake side, dealers expect that with gold prices near recent 20-year lows, near-term imports will increase to India, the world's largest buyer of bullion. Many of the shorts put on since Britain's May announcement that it would sell more than half of its 715-tonne gold reserve, are so deep in the money they remain comfortable with the mild gains so far, seeing little threat to profits. But a potentially big pivot is not too far away. "I think you would have to worry about them after you break through $265," said another COMEX local. September silver reflected a bit of gold firmness, standing at $5.35, up 0.8 cent an ounce in a relatively tight $5.335 to $5.38 range. Spot silver was at $5.33/35, versus the $5.34 fix and the previous close at $5.31/33. NYMEX October platinum was off 30 cents an ounce at $351.50 and September palladium was off 10 cents at $342.00

To: Baba 2 who wrote (38812)	8/11/1999 3:35:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116764

From Bill Murphy's today: " "New York, Aug. 9 (Bloomberg) -- Imports by India, the world's biggest gold consumer, more than tripled in June to 80 tonnes from a year earlier, the Business Standard in New Delhi reported. The gain came as prices fell almost 6 percent in the second quarter. "`It is truly a remarkable figure for India,' said Paul Walker, a director of Gold Fields Mineral Services Ltd. in London. Malaysia, Indonesia, and other Asian countries also have been buying more gold in recent months, he said." The Cafe's John Brimelow was right; Hannibal's crew was wrong. "Taipei, Aug. 9 (Reuters) -- Taiwan's imports of gold bars and coins surged to 9.845 tonnes in July, up 298.74 percent from 2,469 tonnes in July 1998, the finance ministry said on Saturday." We are getting the same kind of demand numbers out of Japan as well. In addition our sources tell us that the refineries are all backed up trying to fill gold bar demand orders. Premiums on Gold Eagle coins in the United States have just risen a substantial 6 percent. Further, we received a report today that a dealer just bought 30 to 40 tonnes of gold. That's only one order and a good deal more than the 25 tonnes sold by the British. While demand is soaring, gold supply is being curtailed. For example: "Sydney, Aug. 8 (Platts) -- Australia's gold production fell by 4 percent in the financial year ended June 30, 1999, Melbourne-based consultancy Surbiton Associates said over the weekend."