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.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: elepet who wrote (34362)	11/28/1999 10:46:00 PM
From: Don Green	Respond to of 99985

BOJ Intervenes to Buy Dollars Around 103.00 Yen: Traders Monday, November 29, 1999 TOKYO (Dow Jones)--The Bank of Japan intervened in the foreign exchange market Monday morning to support the dollar/yen, Tokyo currency traders told Dow Jones. According to the traders, the BOJ began to buy dollars around 103.00 yen through major Japanese city banks. "The BOJ has begun buying the dollar just below 103.00 yen. The volume of BOJ purchases so far has been probably around $500 million," said a senior trader at a Japanese bank. BOJ spokesmen were not available for comment on the intervention. At 0045 GMT, the dollar was at 103.50 yen, up from 103.03 yen around 0010 GMT.

To: elepet who wrote (34362)	11/28/1999 10:51:00 PM
From: Rarebird	Respond to of 99985

< How fast do you think individual gold stocks, indices, funds,etc will react? Like Lightning. If you Go to a Search engine like Yahoo, you will be able to get some answers to your questions. Here are a few links: gold-eagle.com kitco.com goldminingoutlook.com Make sure you read all the bearish commentary on gold that is out there before you take a long position in this market. Study Currencies. Gold is a Currency. Paper trade first. Watch, observe, learn, listen. Draw your own conclusions. Be careful. Think for yourself. Don't rush into anything till you understand all the factors that affect the POG. Good Luck to you.

To: elepet who wrote (34362)	11/29/1999 12:26:00 AM
From: John T.	Respond to of 99985

Gold Auction Closes at 6:30 a.m. ET; Results published by 7:15 a.m. ET From today's Financial Times: ft.com UK to launch third gold auction today By Gillian O'Connor Mining Correspondent The third of the UK's controversial gold auctions takes place today , when the Bank of England will sell a further 25 tonnes of the precious metal from the UK's reserves under its plan to dispose of 125 tonnes during the 1999/2000 financial year. The Treasury's original announcement on May 7, that it intended to reduce the UK's gold holdings from 715 tonnes to 300 tonnes over the next few years, helped send the price plunging from around $290 an ounce to just above $250 an ounce in late summer, although it has since recovered. The third sale is expected to realise about $230m to $240m. The auction closes at 11.30am today, and the result should be published by 12.15pm. The bullion market was subdued at the end of last week, partly because the US markets were closed because of the Thanksgiving holiday. The Friday afternoon gold fix in London was $296.85 per ounce. Expectations had dimmed as the auction got closer. In mid-week, many traders had been cautiously bullish about the result of the auction, with some suggesting that the allotment price could be set as high as $300 an ounce. The price in the first auction on July 6 was $261.20 and it was 5.2 times covered; in the second auction on September 21 it was $255.75 and 8 times covered. The market background has changed considerably since the last auction. This was followed within a week by the European Central Bank's statement limiting sales and lending, and a price spike which caused severe liquidity problems for Ghanaian miner Ashanti, and Canadian miner Cambior. Before the first two auctions a lot of speculators had short positions, betting the price would fall further and increasing the chances of it doing so. Some of them lost money as the price turned, and speculators now have either squared their books or have long positions - meaning they are expecting the price to rise. As Tony Warwick-Ching of Virtual Gold Research pointed out: "This limits the potential for a short-covering rally, even if the UK auction goes well." Kamal Naquvi of Macquarie was also cautious. He said that rumours had been suggesting that there might be aggressive bidding above the market price by a syndicate, trying to spook the market higher. However, by the end of last week Mr Naquvi thought this was unlikely, and that the auction might well be a damp squib. In the longer term, he sees the price moving within a band of $275 to $325 per ounce, with the risk on the downside. Andy Smith of Mitsui said that in both the earlier auctions the result had been the opposite of what had been expected, and that the recent optimism probably presaged a disappointment. However, he suggested the reaction might be delayed, while the market waited to see whether Ashanti manages to get its $100m additional finance and its formal standstill agreement from its derivative counterparties, which is scheduled for December 2. See also Time Zone Map: aa.usno.navy.mil