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

To: inchingup who wrote (14893)	6/28/2002 7:08:44 PM
From: inchingup	Respond to of 36161

Dollar Recovering? Next we'll hear WCOM and ENE are on their way to recovery too. ---Gold weaker in late London trade as Wall St opens higher, dollar recovers Source: AFX Publication date: 2002-06-28 LONDON (AFX) - Gold was weaker in late trade as Wall Street opened higher after a successful session overnight, dealers said. The dollar's late recovery, thanks in part to Bank of Japan intervention to weaken the yen, also weighed on gold, they added. Gold reached an intra-day high of 321.0 usd/oz as the euro threatened to hit parity against the dollar around midday but then fell back as the euro retreated alongside the yen. The macro economic situation all point to strong gold prices but it has had a disappointing week, Howard Patten, analyst at Barclays Capital said. "Equity prices, corporate accounting fraud and a weak dollar all indicate strong gold," Patten said. "Because of quarter-end booking of trading profits, gold is unlikely to move outside its recent 316-25 usd/oz range. However there is a big risk that once this is out of the way prices could fall back quite sharply," he added. Liquidation of gold holdings by non-US investors, such as has been seen in Japan recently, is likely to become a major barrier to further gains, he added. "This could spark liquidation by speculative US funds that are still holding very large long positions," he said. Japanese funds have already led platinum lower earlier in the week as they liquidated long positions, he added. At 5.13 pm, gold was at 317.15 usd/oz down 1.20 usd while platinum was up 2.50 usd at 542.50 usd/oz. The dollar's modest recovery alongside favourable US data helped base metals higher. Copper rose 23 usd to 1,684 usd/oz while Nickel gained 150 usd to 7,210 usd/oz and Aluminium added 15.50 usd to 1,386 usd/oz. Copper rose 23 usd to 1,684 usd/oz while Nickel gained 150 usd to 7,210 usd/oz and Aluminium added 15.50 usd to 1,386 usd/oz.--- cnniw.yellowbrix.com;