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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (4247)	11/20/2001 10:49:20 AM
From: Frank Pembleton	Read Replies (2) \| Respond to of 36161

Some really bad PM news -- Silver LONDON, Nov 20 (Reuters) - Silver skidded to fix at a fresh eight-year low on Tuesday, coming under pressure from a dearth of demand which has plagued the industrial metals for weeks, while gold priced continued to drift lower, traders said. Silver's benchmark fix in London sank three cents from the previous day to hit 408.00 cents an ounce on Tuesday -- the lowest fix since October 5, 1993, when prices hit 405.00 cents. Despite a modest recovery in afternoon trade, prices were seen drifting further back off the pace with the market's only hope of support stemming from wavering physical interest, traders said. By 1540 GMT, spot silver <XAG=> was quoted at 4.08/4.10 an ounce, up marginally from $4.07/4.09 at the close in New York on Monday. "Forget silver -- it's a dead duck. There's only physical interest that goes on now and people on the physical side are not trading it actively," said one trader. "There is no-one making markets in it and there is nothing on the options front," he added. Apart from a brief flurry in February 2000, which bounced spot prices to an annual high of some $5.50 a troy ounce, and a blip up to around $4.62 after September 11, silver has been drifting steadily south for the past 18 months. Classed as an industrial metal, the market has come face to face with pressures similar to those plaguing the base metals over the last few months. Like its fellow industrial metals, a dearth of demand from silver's key sectors such as electronics, jewellery and photography has been at the heart of the market's problems. But some technical analysts still warned against adopting an overly pessimistic outlook for the metal. "Again be careful about adopting too bearish a stance, at least until 4.00 breaks and we see further downside acceleration," JP Morgan said in a technical report.

To: SliderOnTheBlack who wrote (4247)	11/20/2001 1:15:28 PM
From: Davy Crockett	Respond to of 36161

Hi Slider, Probably too early to tell, but it would be very encouraging for the bulls if Newmont can hang on to that 200 day MA support (+/- 3% which also corresponds with major support around $19.00)& interesting hammer yesterday... NEM daily 1 year chart stockcharts.com[w,a]diclyymy[dd][pc5!c21!b50!b100!b200!i!h.02,.20!f][vc60][iUb14!Ll14!Lh14,3!La12,26,9!Lc20!Lg!Lh39,1] PnF chart stockcharts.com (BSL @ $18.50 bullish support line) FWIW Regards, Peter