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

To: Paul Shread who wrote (8218)	2/21/2002 11:43:54 AM
From: Roebear	Respond to of 36161

NO, BOVT! VBG Roebear

To: Paul Shread who wrote (8218)	2/21/2002 11:50:32 AM
From: Louis V. Lambrecht	Respond to of 36161

Banks buying, but which one's? This from London early morning US time. futuresource.com Light long liquidation continued to keep the market under pressure, with prices trading to the lows seen Wednesday of $290.80 a troy ounce, but dealers said professional buying by European banks is helping to prevent the market from falling lower still. Market sources said gold will need further evidence of price stabilization before additional declines in price can be ruled out. Given that there has only been light liquidation to date, as highlighted by the latest Comex open interest data for the precious day's trading, more selling pressure is possible this afternoon. However, dealers said U.S. bank buying is expected to counter any major sell-off, with prices looking to hold around current levels before returning to a more bullish position again. Steady investment demand from Japan is also expected to continue near term. All this could be reversed very quickly as the gold market is still looking for indications of whether or not France and Italy will join Germany in the line supporting a potential rollover of the September 1999 Washington Agreement. Washington afgreement rollover is the next catalyst for a stampede. However, CB can delay any decision till the end of the current one in 2004. And 2004 is the top of the gold cycle of Nick Laird.