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

To: Eddy Blinker who wrote (39330)	2/6/2000 8:24:00 PM
From: Benkea	Read Replies (2) \| Respond to of 99985

Sunday February 6, 8:11 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) Gold price soars in Asian morning trade SYDNEY, Feb 7 (Reuters) - Gold continued to power ahead on Monday morning in Australian/Asian trade after Friday's strong rise. A strong run brought spot gold to quotes of US$318.00/$322.00 an ounce by around 11.45 a.m. (2445 GMT), well up on Friday's spot bullion New York close of US$301.80/$302.60 an ounce. Brokers said gold's powerhouse rise could not be explained solely by Placer Dome Inc's (Toronto:PDG.TO - news) announcement on Friday that it was suspending its hedging programme. A leading U.S. investment bank was rumoured to be covering short positions, either for itself or for a major producer, brokers said. Monday's spot gold price was up by about US$30 on Thursday's New York close of US$287.00/$287.75. Monday's price surge accelerated as morning trading continued, after opening ahead of New York's Friday spot market close. ''Everyone's trying to work out just why gold is running up,'' broker Keith Goode of Bell Securities said. All Placer Dome had done is stop forward selling, after increasing the size of its hedge book in the fourth quarter, he said. Some major Australian producers already had stopped forward selling or stopped increasing the size of their hedge books, he said. ''Placer Dome is one of the issues,'' he said. (Note: this article is ''in progress''; there will likely be an update soon.) -------------------------------------------------------------------------------- More Quotes and News: Placer Dome Inc (Toronto:PDG.TO - news) Related News Categories: Canadian Market News, US Market News