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: Real Man who wrote (70240)	5/24/2001 2:58:36 PM
From: long-gone	Respond to of 116874

Thursday May 24, 12:03 pm Eastern Time Potential Russian sale rocks gold price in Europe LONDON, May 24 (Reuters) - The price of gold plunged in afternoon trading in Europe after reports that Russian President Vladimir Putin was willing to sell part of Russia's gold reserves to help flood victims in eastern Siberia. ADVERTISEMENT By 1510, spot gold (XAU - news) was indicated at $278.70, a spectacular fall from intra-day highs of around $287 and Wednesday's New York close of 283.50/284.00. Analyst Andy Smith, of Mitsui, said the news from Russia had served as a good excuse for funds, which went long during this week's blistering rally, to restructure their positions. ``Anybody with a long position is looking to exit - this is a skittish market lacking in depth...but as long as lease rates remain high, though, it isn't going to be an absolute washout,'' he said. On Monday, a blistering rally sent gold prices in Europe to an 11-month high on the back of aggressive fund buying triggered by U.S. inflation worries. News agencies quoted Putin as saying that he would sign the decree on gold and diamond sales provided ``a clear scheme is provided to me, intended to send help to people now in the streets.'' More than 17,000 people have abandoned their homes because of the floods. There was no indication of the quantity of gold Russia might sell. ``My feeling is that the market is over-reacting. So far, nobody can tell how many tonnes Russia is going to sell, so I don't understand this nervousness,'' a trader said. ``Are we talking about one tonne or about 100 tonnes? Nobody knows at this moment,'' the trader said. Russia is the world's 15th biggest holder of gold with 388.7 tonnes, according to World Gold Council figures. Bullion's afternoon fix was at $286.05 a troy ounce, higher than the morning fix at $283.45. The price briefly touched above $287.30 before falling on talk of the possible Russian sale. Spot silver was last indicated at $4.57/$4.59, versus Wednesday's New York close of $4.565/$4.585. The metal was fixed at 462.50 cents a troy ounce, highest since February 7 and up from Wednesday's 452.00 cents. Platinum was unchanged at $610.00/$616.00, flat on the last close. Palladium was unmoved at $638.00/$653.00 versus $635.00/$650.00 at the New York close after hardly any business all day. biz.yahoo.com