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

To: Frank Pembleton who wrote (6030)	1/3/2002 9:26:23 PM
From: inchingup	Read Replies (1) \| Respond to of 36161

Frank, here's another one of those "no kidding" articles: www2.marketwatch.com; ODJ Gold Steady With Euro Aid; Locals Sell Silver 1/2/2002 3:15:00 PM Jan 02, 2002 (FWN Financial via COMTEX) -- New York, Jan. 2 (ODJ) - Lingering holiday sentiment made for quiet activity in the precious metals markets here, with gold consolidating year-end buying done Monday with support from a stronger euro and local floor traders selling silver despite steady lease rates, participants said. "Gold has been in a $1.40 range. There was buying out of the (trading floor) booth, but the trade was selling it," a trader at an international bank here said. Although gold has been loathe to respond much to the recent terrorist attacks or to the Argentine loan default, it may stand to gain more from further deterioration in the Japanese economy, according to Leonard Kaplan, president of Prospector Asset Management in Evanston, Ill. "With the huge pool of capital in Japan perhaps looking for a new home, it is indeed possible that gold and other precious metals may finally be seen as a hedge against their rapid depreciation of their currency and a store of value for the notoriously conservative Japanese mainstream investor," Kaplan said in a market report. (Prices in Dollars per Troy Ounce)Wednesday Change On Leading Nymex1345 ET Late NY Nymex RangeGold 279.05 +0.10 279.20 (Feb) 278.30-279.80Silver 4.585 -0.035 4.535(Mar) 4.53-4.595Platinum 481.00 +3.50 476.50 (Apr) 475.00-484.00Palladium 436.00 -4.00 439.00 (Mar) 434.00-447.00 For the moment, however, gold will be focused on currency moves and will probably avoid any major price movement. How the dollar receives U.S. monthly payroll data due for release Friday will be watched closely. "Unless it gets above $280, you won't really see any short covering. You may see some selling under $275. Otherwise it will be trapped in that range," the bank trader said. Comex silver futures may have dropped a few cents but continue to look steady because of a lack of aggressive selling, a second trader here said. The bank trader dismissed the notion that the strength of shorter-term silver lease rates was related to loans being called in before the end of the year, but said he wasn't sure what was behind the firmness. "But with lease rates still negative 15% for one month lets you know the squeeze isn't over yet," he noted. While initial support for March is seen around $4.50 an ounce, the price could tumble back to the $4.20s, from whence the runup started, if lease rates come off, warned trader Jim Pogoda of Mitsubishi International Corp. Liquidity will only be eased by long liquidation, which isn't likely while dollar interest rates hover around 2% a year, making it cheap to hold silver. Standard Bank London Limited predicted the price of silver could surge above $5 an ounce again in the first quarter of the year but its ability to hold that level depends on the balance of Chinese selling above $4.75 versus the Indian preference to buy it nearer $4 an ounce. Early gains in April platinum on Nymex were undone by trade selling, which convinced commission houses that had been buyers on the opening to sell it at the close, a floor trader explained. With platinum appearing to have exhausted itself on the upside, he anticipated a minor washout to the $450-$460 area. The return of the Japanese traders to the market Thursday will inject some liquidity into the market. March palladium was pressed lower by local floor traders following success in humbling platinum. The floor trader said he was expecting lower prices for both metals, as he tends not to believe any of the talk of Russian supply disruptions. David Bogoslaw, OsterDowJones, (201) 938-2208; david.bogoslaw@dowjones.com By David Bogoslaw (C) Copyright 2002 FWN

To: Frank Pembleton who wrote (6030)	1/3/2002 10:54:57 PM
From: isopatch	Read Replies (1) \| Respond to of 36161

<Newmont lifts bid in gold mine battle By Carolyn Batt (Filed: 04/01/2002) NEWMONT Mining yesterday tried a knock-out blow in the battle for Normandy Mining, boosting its bid for the Australian gold miner by a further 10 Australian cents a share. The revised A$4.3 billion (£1.54 billion) bid gives Newmont a 12-cent lead over rival bidder Anglogold, leaving it poised to become the biggest gold producer. At A$1.93 a share, the latest offer exceeds the A$1.48-$1.88 valuation range indicated by independent expert Grant Samuel, and was immediately recommended by the Normandy board. Meanwhile AngloGold appeared to step back from the battle, in which the two rivals have each tabled three offers since September. Chairman Bobby Godsell admitted the South African group could see "no basis on which it could justify an increase in its offer", worth about A$1.81 a share. Much depends on the share price movements of Newmont and AngloGold over the next few days, with both offers including a significant scrip element. Newmont stock may come under pressure as the market considers the extra A$223m cash the group has promised. If the valuation gap narrows to a few cents, Normandy shareholders may prefer AngloGold's unconditional over Newmont's conditional offer. Newmont chairman Wayne Murdy insisted the Newmont offer was "clearly superior", and knocked AngloGold's proposed alliance with Canada's Barrick, which could entail sharing ownership of the Super Pit mine in Western Australia. He said: "We intend to be leader in the rationalisation of various property interests over time for the benefit of our shareholders. However, unlike AngloGold, we will be disciplined in this process and will not be required to confront the disposition of important assets."> money.telegraph.co.uk