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

To: The Barracuda™ who wrote (65216)	3/9/2001 10:19:25 AM
From: The Barracuda™	Respond to of 116972

One month Lease rates 7 % Super-tight COMEX gold surges to 5-week high NEW YORK, March 9 (Reuters) - COMEX gold futures extended their rally to a five-week high early Friday, clearing the $270 an ounce level as spiking bullion borrowing rates flushed more bears from the market, according to analysts. At 0903 EST (1403GM) active April gold <0#GC:> was up $4.10 at $270.20 an ounce, beating last week's high at $269.70 and touching $270.50, the highest price since Feb 2. Spot gold rose to $271.30/80 from Thursday's close at $266.15/55, and was fixed at a two-month high of $268.75 in early London trade. ``Apparently it's tighter lease rates. The squeeze is on, that's it,'' said a commodities broker. One-month gold lease rates were toying with 7.0 percent and were last shown on the screen at 6.09 percent, more than double the rate two days ago. The high lease rates have eliminated gold's usual forward sales premium and made it costlier for speculators to roll over maturing short positions, according to analysts. biz.yahoo.com