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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (857)	8/7/2002 10:18:50 AM
From: 4figureau	Respond to of 5423

COMEX gold gallops higher in early technical flurry >>"It looks like maybe some hedge unwinding in the gold here and it popped up the silver also," said a floor broker.<< NEW YORK, Aug 7 (Reuters) - COMEX gold shot higher early Wednesday in a frenzy of technical buying after the benchmark December contract broke above important chart points and punctured the $315 an ounce psychological target. "It looks like maybe some hedge unwinding in the gold here and it popped up the silver also," said a floor broker. At 0915 EDT, December gold (0#GC:) was up $6.60 at $313.90 an ounce, just under a two-week high at $316. About 8,000 contracts were traded in the first half hour. The rally reversed a $2.30 fall on Tuesday and accelerated a rebound from last week's four-month low at $300.30. Spot gold (XAU=) was quoted at $312.35/85, up from $305.65/6.15 late Tuesday. London bullion dealers fixed the gold price at $307.80 early Tuesday before upward momentum gathered pace. JP Morgan Chase analysts said in a technical commentary Wednesday that gold had put in a base at $305, but said it would be difficult to hold gains above $315 given overbought technicals. The rally came even as Wall Street looked forward to another upbeat day. The Dow Jones industrials rose 78 points early, building on Tuesday's 230-point gain. The buying kicked off in Asia, where the Australian dollar rallied sharply and combined with weaker spot gold prices looked like an incentive for producers to buy back hedges. Australia's AurionGold Ltd., the subject of a hostile takeover by Canada's Placer Dome Inc., said Tuesday it plans to reduce its gold hedges to gain more exposure to spot gold prices. Placer on Wednesday said it had extended its offer for the Aussie miner until Aug 16. The bid was first tendered May 29. On Monday gold gained after world No. 1 gold producer Newmont Mining said it would accelerate the closure of the hedge book it inherited in a merger with Australia's Normandy Mining this year. Led by Newmont, the trend among mining companies to buy back pre-sold gold helped gold prices rise 17 percent in 2002, peaking above $330 in June. Gold held firm as the dollar fell and the stock market plumbed five-year lows, until a massive shakeout late last month cleared out the residual gold longs held by speculators. Denver-based Newmont said Wednesday it posted a second-quarter profit as the big rally in gold prices helped it reverse a year-ago loss. The company reported net income of $64.8 million, or 16 cents a share, compared with a loss of $33.5 million, or 17 cents a share, in the period a year ago. It posted record gold sales of $604 million, 67 percent higher than a year ago. The precious metal remains a darling of investors nervous about U.S. economic growth, accounting scandals, a potential war with Iraq and fears of a repeat terror attack on the United States. COMEX September silver (0#SI:) followed gold up 6.2 cents to $4.675 an ounce, trading $4.62 to $4.695. Spot (XAG=) was at $4.67/69, up from $4.61/63 late Tuesday. It fixed at $4.64 in London. NYMEX October platinum (0#PL:) was up $2.70 at $528 an ounce. Spot platinum (XPT=) was at $529/533. September palladium (0#PA:) was $1 firmer at $322 an ounce. Spot (XPD=) traded at $317/323. biz.yahoo.com

To: 4figureau who wrote (857)	8/7/2002 10:31:52 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

WSJ: Investigators Widen Enron Probe >>The paper said the investigators were trying to determine if Enron improperly used two of its publicly-regulated pipeline subsidiaries to secure the loans and then transfer the money to Enron's accounts, with no plans to repay the companies.<< NEW YORK (Reuters) - Federal investigators appear to have widened an inquiry into U.S. energy trader Enron Corp, probing whether the company or its executives committed accounting fraud by borrowing $1 billion in a last-minute bid to stave off bankruptcy, the Wall Street Journal reported. Enron could not immediately be contacted for comment. The paper said the investigators were trying to determine if Enron improperly used two of its publicly-regulated pipeline subsidiaries to secure the loans and then transfer the money to Enron's accounts, with no plans to repay the companies. An Enron spokesman defended the transactions to the Journal as "common" and "an acceptable practice," and said they were fully disclosed at the time. He declined to discuss the loans or their accounting treatment in detail. biz.yahoo.com