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

To: Secret_Agent_Man who wrote (79625)	11/27/2001 5:10:53 PM
From: B.REVERE	Respond to of 116767

Leonard Kaplan, president of Prospector Asset Management in Evanston, Ill., dubbed the latest auction a nonevent, and said the allotment price was fairly strong. There are two more auctions under the central bank's current selling program. The next one is set for Jan. 16. The March auction hasn't been scheduled yet. December gold on the Comex division of the New York Mercantile Exchange was trading 80 cents higher at $273.30 a troy ounce, aided by the euro's recovery to $0.8823 at 10:45 a.m. EST (1545 GMT) from $0.8875 earlier Tuesday. "The euro's waiting for the introduction of the currency in January before it moves higher. The euro is undervalued at current prices," Kaplan said. The latest Commitments of Traders report, released Monday due to Thanksgiving last week, showed funds had forsaken the long side of the gold market, with the first net-short exposure since early August. As of Nov. 20, the funds are net short 9,173 contracts. Analyst John Reade at UBS Warburg in London said speculators have sold 3,000 more shorts since last Tuesday. But he noted the potential for Comex gold to stage a modest rally in the wake of the auction, as long as the euro doesn't fall apart. John Tyree, a broker at Fimat in New York, said the net-short position in gold bears watching. He saw the swing of 20,000 contracts from short to long by the commercial sector as a setup for a short-covering rally, though that probably isn't an imminent risk.