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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Cactus Jack who wrote (49410)	4/3/2002 10:42:30 AM
From: Jim Willie CB	Respond to of 65232

Europe Precious Metals: Gold Hits 2-Mo High On Short Covering London, April 3 - Spot gold in London edged up to a fresh two-month high Wednesday on the back of renewed short covering after an early dip lower and dealers and analysts said another challenge of key resistance looks likely short term. European profit-taking was the main feature of the morning session but this met solid support above $304 a troy ounce as buyers stepped forward and it was not long before the high at $306.95/oz was hit. Profit-taking again trimmed the gains by midday prompted by overbought technical indicators but a number of supportive factors continue to prevent a major selloff. Continued tensions in the Middle East, good physical demand below current levels and a reluctance to sell the market short suggest that another challenge of the important resistance level at the February high of $308/oz is on the cards, said Afsin Nbavi, dealer at MKS Finance in Geneva. If this level can be broken, a move up to $310-$315/oz looks likely and as prices strengthen interest in gold will increase, he said, adding that investors have been discouraged from entering into volatile equity markets and flat currency markets in recent weeks. "The higher we go, the more interest the market will attract," he said. Short term, he expected a range of $303-$308/oz to prevail. Other participants were less bullish for the market's prospects in the short term. "The gains have been caused by precautionary short covering and unless the troubles in the Middle East escalate a lot further, there's no reason why we should keep climbing," another broker said. Silver warmed to gold's strength by driving to a two-week high at $4.75/oz but here light selling forced the market lower again by midday. Further direction will be largely driven by the gold markek but analysts and dealers continue to note reticence by Comex participants in the silver market to sell short and therefore they expect any dips to be shallow. Platinum extended it's eight-month high to $548/oz after another round of short covering during Asian hours but strengthening of the Yen and profit taking pulled the market lower by early European trade. Despite solid gain over the last few days dealers in Europe said they remain cautious over entering longs on the platinum market given the likelihood of a sharp correction lower in the short term. Palladium drifted down to support at $380/oz on light speculative selling. Analysts said the market has come under pressure from recent news that the Ford auto company is selling its stockpile of palladium and other precious metals. (from Gold-Eagle website)

To: Cactus Jack who wrote (49410)	4/3/2002 10:45:17 AM
From: stockman_scott	Respond to of 65232

<<He's better at 38 than he was at 33; not typical for a guy trying to turn on a 95 mph fastball on the inside corner.>> jpgill: Good point....I would love to see him play sometime this season. -Scott