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

To: Davy Crockett who wrote (65523)	3/13/2001 2:21:09 AM
From: paul ross	Respond to of 116811

InfoBeat Precious Metals Report - 03/12/2001 COMEX gold rose for the fourth straight day Monday, supported by acute tightness in bullion borrowing rates with some extra interest in the scarce precious metal generated as capital fled a plunging U.S. stock market, analysts said. ``For the short-term I think the upside bias is deserved,´´ said William O´Neill, head of futures research at Merrill Lynch. ``The stock market doesn´t hurt as the sell-off gets more bloody .. The gold stocks have been doing reasonably well.´´ Traders said the acute liquidity crunch and volatility in gold forwards were the main feature in the rise of April gold to a 10-week high at $274.70 overnight. 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. One sign of the tightness is backwardation in the nearby forwards, where spot gold is priced higher than metal for deferred delivery. Longer-dated gold continues at a premium to spot, or contango, though these are narrower than normal. The late Friday Commitments of Traders report from the CFTC showed that as of last Tuesday the net speculative short on the COMEX was reduced to about 42,000 contracts, from 51,000 a week earlier. That did not include the powerful short-covering rally at the end of the week. On Friday open interest fell a huge 6,965 contracts, showing more panicky unwinding of bearish price bets, market sources said. (Reuters) ------------------GOLD------------------ COMEX - 100 troy oz _ dollars per troy oz. CONTRACT OPEN HIGH LOW CLOSE CHANGE HIGH LOW Apr 01 271.70 274.70 269.00 272.30 +.80 308.30 255.10 Jun 01 273.50 276.20 271.00 274.10 +1.00 447.00 258.20 Aug 01 273.50 276.20 273.50 275.60 +1.20 328.50 259.50 Oct 01 274.50 277.50 274.50 277.00 +1.30 314.80 262.00 Dec 01 279.50 280.50 275.00 278.30 +1.30 429.50 264.10 Feb 02 277.50 279.50 277.50 279.50 +1.30 309.30 266.30 Est. Sales N/A