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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (37311)	6/24/2002 10:30:22 AM
From: jtech	Read Replies (1) \| Respond to of 52237

Well I am ashamed, so sorry folks.I just dont understand why he cant be bothered to post here instead of yahoo.I do respect his opinions, but have you ever tried to hear him on yahoo chat? Gold is doing quite well.

To: Jerry Olson who wrote (37311)	6/24/2002 10:38:33 AM
From: Frederick Langford	Respond to of 52237

Early COMEX gold continues climb on dollar decline NEW YORK, June 24 (Reuters) - COMEX gold was clawing back toward $330 an ounce and its 2002 highs early Monday, sustained by the continued dollar sell-off and the hunt by investors for hard assets immune to the extreme nervousness on Wall Street. The euro was plowing toward parity ($1.00) with the greenback, keeping August gold focused on its $331.50 high from June 4 as European investors found they could buy more dollar-denominated precious metals for a fixed amount of local currency. "It's all the dollar right now. The market has been quiet. All the action happened in Europe," said one floor broker. The benchmark contract at 0923 EDT was up $2 at $327.10 an ounce, trading $325-$327.50 as it extended last week's string of gains. The floor broker said buy stops were starting to build up around $330 an ounce. Spot gold (XAU=) was at $326.20/6.70, up from $324.40/90 at Friday's New York close. Monday's morning bullion fix in London was $326.35, up from $322.70 Friday afternoon. U.S. stock prices were set to take it on the chin again, amid jitters about the greenback, earnings, corporate accounting and the strength of the economic recovery. The market was hunkering down before the Federal Open Market Committee starts a two-day meeting Tuesday to discuss interest rates and the economy. Most Wall Street forecasters see the Fed holding off raising interest rates from their current 40-year lows until at least November. Some see no Fed hikes this year. Low U.S. interest rates also make gold, which has almost no yield, look better. Gold companies and speculators can no longer earn money borrowing gold, short selling it and placing the proceeds in U.S. deposits. "Trends in the financial markets reflect concerns over both slowing economic recovery, relatively low U.S. rates of return and widespread geopolitical tensions," wrote David Rinehimer, head of commodities research at Salomon Smith Barney, in Friday's weekly futures report. "In contrast, gold prices have benefited from much improved fundamentals," he continued. "Gold producers are expected to continue to cover short hedge positions and investor demand for gold has registered strong growth." Gold's safe-haven premium was also underscored after an Israeli helicopter missile strike killed six Palestinians in a car carrying Islamic militants, while Israeli troops surrounded Yasser Arafat in his headquarters in the West Bank. But gold's progress has been slowed by the massive speculative long position overhanging the market. The CFTC said in its Commitments of Traders report late Friday that speculators were net long 41,241 contracts (128 tonnes) last Tuesday, down from 46,456 a week earlier. July silver (0#SI:) was 1.5 cents higher at $4.87 an ounce. trading $4.86 to $4.92. Spot silver (XAG=) was at $4.87/89, up from $4.84/86 late Friday. It fixed at $4.905. The net noncommercial silver long fell to 44,655 contracts from 50,192 contracts on June 11. NYMEX September palladium (0#PA:) was down $4.50 at $323.50 an ounce, hitting a new contract low at $322. Spot palladium (XPD=) fetched $320/330, its lowest since Nov 16, 2001. "It's finally succumbing to fundamentals. Some selling came in that seemed to be maybe some inventory disinvestment," said a refinery dealer. "The demand is not great enough to sustain the producer selling that's still out there." July platinum (0#PL:) was off 70 cents at $562 an ounce, still hovering under last week's contract high. Spot platinum (XPT=) was at $568/563.