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

To: Rarebird who wrote (45385)	11/29/1999 9:01:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116764

It would be interesting to know if many potential bids disappeared at the last minute - if you want to buy you want to buy - but maybe at a lower price? The dollar/yen situation no doubt had some bearing. D

To: Rarebird who wrote (45385)	11/29/1999 12:18:00 PM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 116764

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. In my eyes, the auction went very well. there was a 35+ dollar increase in price from Sep 21 auction at 255.75. I was wondering on demand at higher price, market has spoken. I am very happy it fell in the trading range of late. 290 to 300, if it would have been lower than 285 , that would have been a real bust. IMO. XXXXXXXXXXXXXXXXXXXX But here's a significant signal. For the first time since February 1999, the shorter-term MA on this chart has moved above the longer-term one. Here is where the two sit as of the Gold close for the week in New York on November 24: 20 Week MA: $US 277.60 40 Week MA: $US 276.97 "The longer-term MA (the 40 week one) is flattening out. Looks like the two averages will converge somewhere between $US 276-78." (From Nov. 19) When this last happened, the Gold price was well below both the averages. This time, it is well above them. Now, couple that with the formation on the longer-term chart. See how the chart spent three weeks bouncing exactly off the top of its post-1996 downtrend line? And see how it has lifted off from there, coincident with the cross over of the Moving Averages. Gold has taken a two day holiday in New York. On Monday (Nov. 29), it will have the results of another Bank of England auction to contend with. Right now, it is right at the top of its recent $US 290-300 trading range. With all the technical factors here coming together, any breach of $US 300 is becoming more and more significant. XXXXXXXXXXXXXXXXXXXXXXXXX the-privateer.com Now we wait, for the market to show its hand. Mr Market showed its hand, its 293.50. !!! Not bad , IMO.!!!!!!

To: Rarebird who wrote (45385)	11/29/1999 8:51:00 PM
From: long-gone	Read Replies (3) \| Respond to of 116764

More "swimming(near) naked"? Monday November 29, 6:04 pm Eastern Time FOCUS- Plains All American roiled by rogue trader's losses (adds byline, closing stock prices para 4, detail about the trader from paragraph 9) By Atiya Hussain NEW YORK, Nov 29 (Reuters) - Plains All American Pipeline and its parent, Plains Resources Inc., were in turmoil on Monday after the Houston-based energy company announced $160 million of losses stemming from unauthorized dealings by one of its oil traders. Shares in both companies plummeted as Plains All American announced it was in default on some of its credit obligations and is negotiating a refinancing with bankers. The company warned it might not be able to renegotiate successfully, but added that Plains Resources is willing to inject $64 million cash if a deal with the lenders can be reached and other conditions met. Plains All American said the losses would also ``have a material adverse effect' on its ability to pay dividends. Plains All American, which primarily operates oil pipelines and storage facilities, saw its market value nearly halved as shares fell from last Friday's close on the New York Stock Exchange of $19.50 to settle at $10.375 on Monday. Plains Resources shares, listed on the American Stock Exchange, were similarly clobbered, settling down from $17.4375 at $10. J.P. Morgan Securities was the first to downgrade Plains Resources, which owns 54 percent of Plains All American, lowering its recommendation to ``market perform' from ``buy' shortly after the announcement. Analyst Waqar Syed estimated that the oil trading losses would translate into an earnings loss for the parent company of $86 million, or $2.76 a share. Plains All American said in a statement that the oil trader, who was not named, had been fired and an investigation was under way, which will be handled by outside counsel PricewaterhouseCoopers LLP. In addition, Arthur Andersen LLP is conducting an independent review of the facts on behalf of Plains All American's lenders. The Plains statement said it appears from a preliminary investigation that the rogue trades began in January of this year and were done primarily in the period between April and November of 1999. ``It appears that the trader in question violated Plains All American's policy of maintaining a position that is substantially balanced between crude oil purchases and sales or future delivery obligations,' the statement said. The company gave a private briefing to Wall Street insiders on Monday but officials were not available to make any further public comment beyond the statement statement. Traders familiar with the situation said a Plains trader, described by one colleague as ``an old hand in his 40s,' had started off by simply hedging the company's physical position against a fall in prices but ended up betting substantially that prices would fall by contracting to sell oil at a future date when he hoped prices would be lower. ``He got married to his position. He saw there was plenty of oil out there (at Cushing, Oklahoma, where Plains has large storage facilities) and thought there was no way world oil prices were going to go higher,' said an experienced oil trader, who didn't wanted to be quoted by name. But world oil prices rose relentlessly as OPEC held firmly to an April output-restraint deal, New York futures going from a February low just above $11 a barrel to a post-Gulf Crisis high last week above $27 a barrel.(cont) biz.yahoo.com fwiw: My father worked for the predecessor of this company prior to my birth.