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

To: long-gone who wrote (49922)	3/2/2000 1:05:00 PM
From: Rarebird	Read Replies (1) \| Respond to of 116764

Your talk of manipulation is a lie, sour grapes because gold has been a poor investment since 1980. I'm not bearish on gold over the long term. I think the CRB is a screaming buy here and Gold will see $1,000-$1500 an ounce sometime this decade. If you take a look at my profile on SI, you will see that I have had posted since the beginning of the year that this year will be the transition from paper to hard assets. I profit in any type of market and I have no axe to grind like you Richard. One has to be bearish on Gold over the short term. The dollar is to strong and we are presently in a tech investment mania. When that trend changes, Gold will eventually rise. As for ABX bashing, I want to make it clear right here and now that I am a big fan of this company and I think they have a great balance sheet. ABX should not be blamed for Gold's woes. The problem with Gold is the strength of the dollar. I also want to personally thank Bob Johnson for his very insightful posts and for his great web site.

To: long-gone who wrote (49922)	3/2/2000 1:55:00 PM
From: Bruce Robbins	Read Replies (1) \| Respond to of 116764

Richard, OT: Note what Greenspan says at the end of this. Why threaten to use something you apparently have when you can just use it? Unless of course you don't have what you say you do... Oil Prices Soar As World Waits for OPEC By Patrick Connole Mar 2 12:07pm ET WASHINGTON (Reuters) - U.S. oil prices hurtled above $32 a barrel on Thursday despite news, welcomed by the White House, that Saudi Arabia, Venezuela and Mexico backed an increase in crude oil production, on worries that it could take weeks for any extra oil to get to the market. With the summer gasoline driving season just around the corner and inventories dropping, U.S. lawmakers have exerted increasing pressure on the Clinton administration to take tough action against OPEC if it fails to quickly ramp up production. OPEC members Saudi Arabia and Venezuela met in London on Thursday with key exporter Mexico to draft a proposal for the cartel to consider at its March 27 meeting. The trio of oil heavyweights said they favored an increase in oil production, but refused to comment on the timing or amount of a proposed increase. ``I think it is important that the major oil-producing countries have indicated that they believe the volatility is harmful and that they want to return to a more stable price,' White House spokesman Joe Lockhart told reporters. ``Now we'll be looking for the details,' he added. Crude oil futures traded on the New York Mercantile Exchange briefly rocketed as high as $32.15 a barrel in mid-morning trading, while gasoline traded over $1.00 a barrel, both setting new nine-year highs. Some private industry analysts have said that American motorists should brace for retail gasoline prices of at least $2.00 a gallon this spring, and possibly as high as $2.50 a gallon. The Energy Department said the nationwide average price for gasoline at the pump rose to $1.42 a gallon this week, the highest level since regulators began tracking retail prices a decade ago. President Clinton was scheduled to meet later in the day with members of Congress concerned about high home heating oil and gasoline prices in the Northeast. Dozens of lawmakers have urged the president to release some of the 570-million barrels of stockpiled oil in the Strategic Petroleum Reserve to ease tight supplies. The administration has repeatedly said that using oil from the reserve remains an option, but would prefer that OPEC take steps to bring the world market into balance. Energy Secretary Bill Richardson, making a third appearance before congressional committees in less than two days, said he was encouraged by the three producers' comments. ``The United States would like to characterize this as a step in the right direction,' Richardson told a Senate Energy subcommittee. Richardson also took credit for prodding the oil producers into action during his 10-day energy diplomacy trip that ended earlier this week. Congress has stepped up pressure on the Clinton administration to take tough action against OPEC and other key oil exporters if they refuse to increase oil production. At a House International Relations Committee hearing on Wednesday, some lawmakers urged the president to cut foreign assistance and arms sales to OPEC members, and to investigate a possible international antitrust lawsuit against the cartel for price-fixing. In London, Saudi oil minister Ali al-Naimi said the trio of producers wanted to replenish world oil inventories and help stabilize prices. ``We recognize the need for an increase in production. We have yet to decide by when and how much,' al-Naimi told reporters in London after the meeting ended. Federal Reserve chairman Alan Greenspan has expressed concern that high oil prices could slow world economic growth, but has said that oil from the Strategic Petroleum Reserve would be an ineffective way to address the issue. The reserve holds enough oil to meet U.S. import needs for about two months.