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

To: t2 who wrote (51766)	5/20/2002 12:49:38 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

COMEX gold shoots to new high for bull cycle NEW YORK, May 20 (Reuters) - COMEX gold rallied to a new bull market high on Monday, with floor brokers citing the dollar's fall to fresh lows for the year and financial markets nervous about weakening stock prices and geopolitical risk. Benchmark June gold exceeded the previous May 7 high and at 1225 EDT was up $4.10 at $315 an ounce. Moments earlier spot gold broke to a 27-month peak and it was last quoted at $314.80/5.30, its highest since Feb 11, 2000. Markets were thin because many European traders were off for the Whitsun holiday. The dollar fell to new seven-month lows against the euro, Swiss franc and yen, making bullion look more affordable to overseas investors in their local currencies. The Dow Jones industrial average was down 111 points after midday. Investors diversified into gold which also saw its safe-haven allure bolstered by fears that nuclear rivals India and Pakistan could go to war while Middle East violence also escalated.