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: Ahda who wrote (42478)	10/8/1999 12:27:00 PM
From: Alex	Respond to of 116766

Gold finds floor after early dip on US jobs data NEW YORK, Oct 8 - Gold prices were down a hair in early business Friday after bargain hunters took advantage of brief slippage on the back of a weak U.S. September payrolls number, dealers said. COMEX December gold at 0935 EDT was down 30 cents at $324.00 an ounce, near the top of its $317.50-to-$325.40 range, including overnight electronic trade. It later trekked back into positive territory. The Labor Department said this morning the U.S. economy lost 8,000 jobs in the non-farm sector last month. U.S. Treasuries briefly rose after what was the first payrolls decline in 3-1/2 years in the aftermath of Hurricane Floyd, which caused flooding and shut businesses on the East Coast that month. The unemployment rate was unchanged from August's 4.2 percent. "The employment number initially knocked us lower but it just made a buying opportunity for these funds," said Carlos Perez-Santalla, of Hudson River Futures. Spot bullion was quoted at $322.50/5.50 an ounce, compared to London's early fix at $322.75 and the previous New York close at $322.30/4.30. COMEX gold options expiries are due later today. But dealers said the Novembers expiring were not an active month and had minimal influence on futures prices. Bullion was pressured overnight after Japanese Finance Minister Kiichi Miyazawa said he did not intend to aggressively sell Japan's gold holdings but said he also does not want to "aggressively hold" on to gold. The market is now adjusting to current price levels over $300 an ounce, after the watershed rally last week on the back of a European central bank pledge to cap gold reserve sales and lending for five years. But many mining companies, having overhedged when gold was plumbing 20-year lows this summer, are now trying to restructure their hedge books, with their credit counterparties also looking for ways to avoid a liquidity crisis. The market has settled down to waiting for any fallout from the violent short squeeze, which reportedly also caught some bullion banks, speculators and options desks ill positioned for the surge, which achieved 23-month highs on Tuesday. More short covering is anticipated from funds. Dealers said the abrupt rally in gold may be having unexpected consequences for trading in other raw materials. "Volatility remains high and other commodities, particularly energy and base metals, got sold off so gold is kind of on the back burner," said Irwin Messer, of Shields and Co. "There were unconfirmed reports of hedge fund selling in other markets to meet margin calls in gold." December silver was off 2.5 cents at $5.57 an ounce, traded $5.49 to $5.63. Spot silver was quoted at $5.54/58 against the $5.555 fix and the previous close at $5.56/60. NYMEX January platinum was down $6.60 at $398.50 an ounce and December palladium was $2.75 lower at $387.00 an ounce. uk.news.yahoo.com