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Strategies & Market Trends : Alamos Gold -- Ignore unavailable to you. Want to Upgrade?

To: Chuca Marsh who wrote (2635)	5/20/2002 2:58:57 PM
From: Chuca Marsh	Read Replies (1) \| Respond to of 4470

Ahh, goldsoars, looks like a gold week ahead: Kitgo has $3.17 ish now; kitco.com www2.marketwatch.com Gold soars 1.6% to $316 an ounce Crude oil futures track modestly higher By Mike Maynard, CBS MarketWatch.com Last Update: 1:57 PM ET May 20, 2002 NEW YORK (CBS.MW) -- Investors sought out the safety of gold Monday, bidding the benchmark futures contract sharply higher while crude oil scratched out a narrow gain. FRONT PAGE NEWS U.S. tech sell-off hampers stocks Software stocks lead tech retreat Nymex gold soars past $315 an ounce Ford bumps CFO Inglis for old-guard exec Gilmour Sign up to receive FREE e-newsletters: Get the latest news 24 hours a day from our 100-person news team. With stocks weaker over renewed worries about the pace of recovery in the U.S. economy and a rebound in corporate profits, gold for June delivery traded as high as $316.70 an ounce on the New York Mercantile Exchange. The dollar also showed further vulnerability in the currency market, sagging against the Japanese yen. Gold becomes more affordable for foreign buyers with the greenback under pressure. June gold settled at $316 an ounce, up $5.10 for a 1.6 percent gain on the session. The strength in gold translated into Nymex gains for all but the industrial metals. The July silver contract rose 1.15 cents to settle at $4.780 an ounce, while July platinum ended at $544.20 an ounce, up $6.50, and June palladium finished at $382.80 an ounce, up $8.30. June copper settled off 0.2 cent to 72.2 cents a pound and July aluminum gave back 0.2 cent to 63.75 cents a pound. In energy futures, crude shrugged off early weakness in a market colored by continued uncertainty about global oil production. Media reports over the weekend indicated Saudi Arabia, the OPEC cartel's largest member, would like to see OPEC maintain production quotas into the second half of the year. But traders believe additional output expected from Russia, Norway and perhaps Mexico will mitigate against any extension of OPEC quotas. Crude for June delivery traded up 27 cents to $28.45 a barrel on Nymex, not far off the session's high of $28.50. The June contract expires Tuesday. Crude for July delivery rose 20 cents to $27.35 a barrel. June natural gas sank 5.3 cents to $3.545 per million British thermal units, erasing much of Friday's sharp gain, while June unleaded gasoline rallied to 81.70 cents a gallon, a gain of 1.32 cents, and June heating oil rose a penny to stand at 69.6 cents a gallon. Fimat USA updated its forecast to show that the price of a barrel of crude may stabilize at about $26, as opposed to $24 a barrel in its prior outlook, until improved U.S. economic activity kicks in. At that point, limited U.S. refinery capacity will serve as a brake on any further price erosion in crude, the Societe Generale trading arm said. Mike Maynard is a news editor for CBS MarketWatch.com in Washington