Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: SOROS who wrote (8142)	10/15/2002 3:25:32 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

COMEX gold dives to six-week low as stocks soar Tuesday October 15, 3:18 pm ET NEW YORK, Oct 15 (Reuters) - COMEX gold skidded to a six-week low Tuesday, trampled under a Wall Street stampede back into recovering equities. Gold for December delivery (0#GC:) fell $5.20 to settle at $313.40 an ounce, trading from $319.30 to $313, its lowest since Sept 3. Spot gold (XAU=) last fetched $312.80/3.30, down from $317.80/8.30 at Monday's close and London's afternoon spot fix at $316.20 an ounce. "The market is long and I guess with the stock market performing the way it is, obviously more profit-taking has occurred in the gold," said George Parrill, a vice president at bullion dealer ScotiaMocatta in Toronto. "If the stock market continues, you may see even more (gold selling.) The next level of support is the $310 area." Monday's jitters about another wave of terror attacks took a back seat after offering a safe-haven cushion for gold in morning trade. Overbought investors ditched the low-yielding yellow metal to chase the stock market, which only a week ago was plumbing six-year lows but got a new lease on life after recent positive earnings reports. The Dow Jones industrial average was up 3.9 percent, or 307 points, in late trade, following a near six percent surge in European shares. "Everyone thinks everything is fine again. I actually think it's something to fade," a gold dealer said, recommending stock investors sell into the rally. "I can't help but think this bubble will be burst in another 24 hours or so." A weaker euro helped make dollar-based gold less attractive to European investors and fabricators. The gold selling came despite lingering jitters over the deadly weekend bombing on Indonesia's resort Island Bali, which raised the specter that Islamic extremists of al Qaeda were regrouping to target Americans and other Westerners. The move punctured the floor of the $315-$325 range which confined gold in recent weeks. On Sept 24 December gold hit $329.30 an ounce, failing to get back to the 2002 highs from June at $333.30, even with Wall Street in the jaws of one of the meanest bear markets since the Great Depression. "It's mostly equity and dollar related," said David Meger, analyst at Alaron Trading in Chicago. "Needless to say, when the market started taking out the $316.50 lows you saw long liquidation." December silver (0#SI:) rose 1.5 cents to $4.323 an ounce, trading $4.285 to $4.34 after failing to retest the eight-month low at $4.28 hit last week. Spot silver closed $4.31/33, up from $4.30/32 late Monday. Tuesday's silver fix was $4.305 an ounce. NYMEX January platinum (0#PL:) rose $3 to $581 an ounce. Spot platinum (XPT=) was quoted at $590/595. December palladium (0#PA:) gained $3 to settle at $321.50 an ounce. Spot palladium (XPD=) was at $315/321.

To: SOROS who wrote (8142)	10/15/2002 9:19:56 PM
From: pbull	Read Replies (2) \| Respond to of 89467

The S&P is trading at 15x next year's earnings, and balance sheets are a lot cleaner than they were a couple of years ago. On the other hand, great growth stories such as MSFT, DELL and CSCO are missing in this market, so earnings are focused on megabanks and drugs. The largest cap in each industry group (PFE, PG, MSFT, JNJ, etc.) should give investors double-digit returns, which is about 500 percent better than bonds. One last thing. This will enable JPM to unwind some of those way overhyped derivatives, and the U.S. financial system as we know it will continue to exist. Sell gold. Buy stocks. PB

To: SOROS who wrote (8142)	10/15/2002 9:47:42 PM
From: jjkirk	Read Replies (1) \| Respond to of 89467

SOROS, with your unparalleled PR/spin/writing skills, you may get a call from the White House...they need a replacement for Anne Womack... usatoday.com SEC chief discovers public relations can be the pits By Greg Farrell, USA TODAY At the City Club in Washington, D.C., last Thursday, just a few blocks from the White House, current and former commissioners and lawyers from the Securities and Exchange Commission gathered to toast former SEC chairman Arthur Levitt on the publication of his book. (Related item: Some controversies in Pitt's tenure) SEC chairman Harvey Pitt has landed in more than one controversy recently. By Francois Lenoir, Reuters Conspicuously absent was Harvey Pitt, Levitt's embattled successor at the SEC, who had just fled the city for Brussels after a public-relations fiasco involving a new accounting oversight board. After appearing to endorse a reform-minded candidate to head the panel, Pitt subsequently appeared to do an about-face, withdrawing his initial support. The ensuing flap led two top Democrats to call on President Bush to replace Pitt. The White House instead launched a vigorous defense. A few days earlier, it dispatched a speechwriter, Anne Womack, to the SEC to advise the chairman. ........... ......... jj