Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: marek_wojna who wrote (65300)	3/10/2001 12:52:34 AM
From: paul ross	Read Replies (1) \| Respond to of 116779

InfoBeat Precious Metals Report - 03/09/2001 The rally in COMEX gold gathered steam Friday, with futures staking out eight-week highs as panicky bears scrounged to cover shorts amid an acute shortage of metal, traders said. "It's forcing everybody to jump on the bandwagon for the squeeze," said Enron Metals bullion dealer Bernard Penner. One-month gold lease rates were toying with 7.0 percent, dealers said, and were last shown on Reuters page at 6.08875 percent, more than double the rate two days ago. Lease rates are determined by supply from central banks and dealers, who loan bullion that would otherwise sit in vaults, and demand from speculators and mining companies, who sell borrowed gold forward to hedge the price of unmined metal against further price falls. With no hard news, dealers and analysts speculated that any of a number of factors could be contributing to the squeeze on gold -- heavy producer hedging, less central bank lending or the currency crisis in Turkey, a major jewelry center and borrower of gold. The high lease rates have eliminated gold's usual forward sales premium, known as the contango, tipping forwards into backwardation in the shorter maturities. This makes it costlier for maturing short positions to be rolled over, according to analysts. Dealers one sign of bullishness is that buying of gold call options, which gain in value if underlying gold prices go up, has picked up substantially in recent days. After the close of Trade the market will get news from the Commodity Futures Trading Commission on how much more speculators have reduced last Tuesday's huge net short of 51,000 contracts (158 tons). (Reuters) ------------------GOLD------------------ COMEX - 100 troy oz _ dollars per troy oz. CONTRACT OPEN HIGH LOW CLOSE CHANGE HIGH LOW Apr 01 266.50 271.70 266.50 271.50 +5.40 308.30 255.10 Jun 01 268.10 273.70 268.10 273.10 +5.30 447.00 258.20 Aug 01 272.00 275.00 270.70 274.40 +5.40 328.50 259.50 Oct 01 272.50 275.70 272.50 275.70 +5.40 314.80 262.00 Dec 01 274.80 277.50 273.00 277.00 +5.30 429.50 264.10 Est. Sales N/A