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

To: Square_Dealings who wrote (69508)	5/18/2001 7:13:02 PM
From: Rocket Red	Read Replies (1) \| Respond to of 116758

METALS STOCKS Gold spikes to 9-month high Gold and silver shares follow momentum By Lisa Sanders, CBS.MarketWatch.com Last Update: 4:11 PM ET May 18, 2001 NEW YORK (CBS.MW) - Gold futures prices leaped more than 5 percent to a nine-month high Friday as speculation about inflation and the possible end to central bank sales of the precious metal pushed it past a key technical level and sparked an afternoon rush among traders. June gold futures rose by $13.80 to settle at $287.80 an ounce on the Commodities Exchange division of the New York Mercantile Exchange. The high of the day was $288.50. The close is the highest since July of last year. Phil Flynn, senior market analyst at Alaron.com, said the rally involves more than just technical trading. "There's a perception that the overseas central bank selling of gold is coming to an end and a perception that lending activities against gold has been overdone," Flynn said. "And there's also the perception that inflation may be coming back." In the equities markets, the CBOE Gold Index (GOX: news, msgs, alerts) rose almost 9 percent and the Philadelphia Gold and Silver Index (XAU: news, msgs, alerts) gained more than 5 percent. Individual issues such as Placer Dome (PDG: news, msgs, alerts) and Newmont Mining (NEM: news, msgs, alerts) were among the top gainers. Other metals movers July silver rose 8.2 cents to settle at $4.577 an ounce. On the supply end, Comex gold inventories were down 4,983 ounces at 832,027 ounces compared to the previous session, and silver stocks were up 150,628 to 95,932,703 ounces. July platinum added $1.80 to settle at $617 an ounce, while June palladium settled up $2 to $654 an ounce. Copper for July delivery added 0.19 cent to settle at 78.75 an ounce. As of Friday, London Metals Exchange warehouse stocks fell 700 tons to 435,200 tons. Late Thursday, Comex stocks were up 1,011 short tons to 134,928 tons. July aluminum added 2.05 cent to settle at 72.95. The CRB/Bridge Index, a broad-based measure of commodity futures markets, closed at 218.48, up 1.1 percent. Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com. More METALS STOCKS •Metal stocks rise in tandem with gold price 4:26pm ET 05/17/01 •Gold stocks rising on strong futures prices 4:24pm ET 05/16/01 •Gold heads lower after auction 4:09pm ET 05/15/01 •Metals issues lower; gold dulls 4:16pm ET 05/11/01 •Metals issues make minor gains 4:13pm ET 05/10/01 Latest Industry News •Gold reaches 9-month high, crude nears $30 5:11pm ET 05/18/01 •Sweetened De Beers bid gains shareholder backing 3:22pm ET 05/18/01 •PG&E arm, Citizens Communications, Alcoa all issue 4:54pm ET 05/17/01 •Supply data fuel selling in natural gas 4:31pm ET 05/17/01 •Metal stocks rise in tandem with gold price 4:26pm ET 05/17/01 Do you want a reprint of this article? Click here for options! Copyright 2001 CBS MarketWatch.com, Inc. Trading Center MarketPlace (Partner Shortcuts) HP Business Store HP Recommends business products for CBS MarketWatch customers - - Win $50,000 - myHomeKey - - Free Insurance Quotes! Visit our Insurance Center. - - Quickquote.com Buy an annuity - - Free Credit Report Get a free copy of your credit report online! - - Loan Center Banks compete for your business at LendingTree.com - - eSignal Trade like the pros - - Business 2.0 Where business is going. - - Find an Advisor Search a universe of financial advisors & planners for free - - Front Page \| Message Boards \| Mobile \| MarketPlace \| Free Membership Feedback \| Letters to the Editor \| Company Info \| Advertising Media Kit \| Licensing Make CBS.MarketWatch.com your Home Page