Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (42441)	10/8/1999 9:43:00 AM
From: Alex	Read Replies (1) \| Respond to of 116764

10/08/99 - Europe Precious Metals Review: Gold firms, support at $315/oz <Picture> Oct. 8-MAR-- [B] Europe Precious Metals Review: Gold firms, support at $315/oz By Andrea Hotter, Bridge News London--Oct 8--Spot gold held firm over the US $315 per ounce level in morning trade in London today with the next key target level said to be around $340, according to traders. Platinum meanwhile saw lease rates rise to 60% with a severe shortage of physical metal holding the market firm. * * * Gold is said to be well-supported at $315, with resistance at $340 now being targeted. "The key level is now $340--it is here that the battle will be pitched," one trader said. "Above this there are several large, uncovered short positions, and if gold pushes upwards it will prompt some delta-hedge buying," he added. Massive open interest is still showing in the Comex positions, traders said. Others still maintain that the funds are about to liquidate their long positions. Silver traded sideways at $5.54 (bid) with the market still watching gold for inspiration. Rising spot platinum lease rates--which rocketed to 60% for 1-month positions--are indicative of a severe tightness in platinum metal, traders said. "Liquidity is very tight, and the failure of the Russians to ship around 1 million ounces to the market this year has caused an extreme squeeze on the market," one trader said. "There is an $18 backwardation in the January dates on Nymex, indicating a shortage of metal," another trader said. The market fixed at $429 in London from $419 yesterday. Spot palladium prices firmed slightly with volumes thin. The market fixed in London this morning at $393 from $394 on Thursday. Palladium demand continues to exceed supply, with the market remaining firm as a result. Supplies of metal from Russia are said to be filtering through although in exactly what level of volume remains uncertain. Spot precious metals prices are in US dlrs per ounce: London 1100 GMT Tokyo 0735 GMT Late New York Gold (KRCGL) 319.00-322.00 317.00-319.00 322.50-325.50 Silver (KRCSL) 5.54-5.57 5.55-5.58 5.54-5.65 Platinum (KRCPL 425.00-430.00 427.00-432.00 420.00-424.00 Palladium (KRCPA) 390.00-395.00 390.00-395.00 385.00-387.00. End Bridge News, Tel: +44-171-842-4138 Send comments to Internet address: metals@bridge.com The Bridge ID for this story is 02270