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

To: gold$10k who wrote (69497)	5/18/2001 4:58:14 PM
From: lorne	Respond to of 116759

Gold Has Biggest Gain in 15 Months on Buying by Speculators. 05/18 16:13 ``The funds are tripping over themselves to buy'' gold, said Donald Eckert, head of precious metals trading at J.P. Morgan Chase & Co. in New York. ``I would have to say a lot of this is technical.'' Full story >>> quote.bloomberg.com

To: gold$10k who wrote (69497)	5/18/2001 4:58:45 PM
From: russet	Read Replies (1) \| Respond to of 116759

05/18 16:13 Gold Has Biggest Gain in 15 Months on Buying by Speculators By Claudia Carpenter New York, May 18 (Bloomberg) -- Gold jumped 5 percent, its biggest gain in 15 months, on buying by speculators who make trades based on historical price patterns. Prices that were little changed in early trading soared to an 11-month high after the June contract rose to $275 an ounce, triggering buy orders that had been placed earlier, traders said. Gold futures have been buoyed by a surge in shares of gold-mining companies since the end of March. ``The funds are tripping over themselves to buy'' gold, said Donald Eckert, head of precious metals trading at J.P. Morgan Chase & Co. in New York. ``I would have to say a lot of this is technical.'' Gold for June delivery rose $13.80 to $287.80 an ounce on the Comex division of the New York Mercantile Exchange, the highest closing price for a most-active contract since June 30. It was the biggest one-day gain since Feb. 4, 2000. Futures prices have lagged gains in gold mining shares during the past seven weeks. While the Standard & Poor's Gold Index had risen by about one-third since March 30, as of yesterday, gold futures were up 5.7 percent. The index of four gold-mining companies has been the second- best performer in the S&P 500 Index during the past three months, behind engineering and construction firms. Shares of Denver-based Newmont Mining Corp., the second- largest gold-mining company after South Africa's AngloGold Ltd., have risen 41 percent this year. Short Covering Contributing to the 13 percent rise in gold futures from a 17- month low in February was buying by speculators who had sold contracts earlier expecting prices to go even lower. Hedge funds and other speculators had bought 1,531 more contracts than they had sold as of Tuesday, a report after trading from the Commodity Futures Trading Commission showed. It was the first time that speculators held a ``net long'' position since late July. ``It is the speculators who sold gold short who are mainly covering to minimize losses,'' said Heinz Thoma, a money manager at Global Strategic Management in Annapolis, Maryland, which holds about $25 million in gold stocks. ©2001 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.