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

To: long-gone who wrote (46157)	12/20/1999 10:12:00 AM
From: Alex	Respond to of 116837

Gold firmer in Europe, Y2K fears seen helping price LONDON, Dec 20 (Reuters) - Gold is likely to push higher towards the end of the year, boosted by millennium bug fears and physical demand in thin market conditions, dealers said on Monday. Gold failed to break through psychological resistance at $285.00 on Friday after selling emerged at the higher levels but traders said bullion is holding firm above $284.00. Spot gold was last quoted at $284.00/$284.50, up from Friday's close in New York at $283.30/$284.30. ``The general sentiment seems to be that it should try higher again towards year-end, maybe $290.00, purely on the back of Y2K fears but I think this is overplayed,' one bullion dealer said. A general improvement in commodity prices also helped gold's price outlook and dealers said increasing market liquidity had become a significant factor. "Some Y2K players seem to add gold to their portfolio, probably not in expectation that the world will face any millennium bug but rather as a liquidity play. ``As every year, the year-end liquidity will be very tight and additionally this year, the demand for liquid assets will be even stronger as a result of Y2K,' one Swiss dealer said. Gold has ranged between $288.50 and $276.20 for almost two weeks. It fell to two-month lows at the beginning of December after news that the Dutch Central Bank planned to sell 300 tonnes of gold over the next five year and that Russia had released 80 tonnes in November. Platinum and palladium remained firm with palladium hovering around all-time highs. Palladium had fixed at a new all-time high of $443.00 an ounce on Friday amid ongoing concern over supplies from major producer Russia. It fixed at $442.00 on Monday morning and spot was last at $440/$445.00 from the close in New York at $441.00/$446.00. Platinum was quoted at $432.00/$437.00 from the New York close at $430.00/$435.00 and silver was last at $5.20/$5.23 from the close at $5.21/$5.24. biz.yahoo.com