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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: maceng2 who wrote (26315)	12/19/2002 4:26:03 AM
From: maceng2	Respond to of 74559

OK, we are over the last fence, and in the run in... news.ft.com Gold surges as war jitters intensify By Gordon Smith in London Published: December 19 2002 8:44 \| Last Updated: December 19 2002 8:44 Gold surged to a fresh five-and-a-half year high in Asian and US trade overnight as the US prepared to declare Iraq in breach of the UN disarmament resolution. In Asian trade the price soared through the $350 per troy ounce level, hitting a high not seen since March 1997 of $354.5 as buyers switched into the traditional investment of last resort. In New York the spot price rose $4.70 to $342.7, and in London the price was fixed at $336.9 in afternoon trade on Wednesday. The White House on Wednesday said it was "concerned about ommisions" in Iraq's arms declaration ahead of the official response to Iraq's 12,000 word dossier from the head of the UN weapons inspectors Hans Blix later on Thursday. Colin Powell, US secretary of state, is expected to make the official US reponse in Washington once Mr Blix has delivered his conclusions. The dollar drifted lower against the yen and euro as the momentum from comments made by the White House press secretary Ari Fleischer on Tuesday ran out of steam. In Asian trade the greenback dipped as low as Y120.66 before being pushed back by Japanese investors to Y120.14. The dollar was steady against the euro at $1.0255, slipping back from a high in New York of $1.0270. Oil prices also saw strength as the strike in Venezuala continued to strangle supplies to the US. The New York WTI spiked above $30 per barrel adding 34 cents to $30.44 in late afternoon trade. In London Brent rose 57 cents to $28.49, off its earlier peak of $29 a barrel.