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

To: Jim Willie CB who wrote (2510)	1/8/2003 11:54:58 AM
From: 4figureau	Respond to of 5423

COMEX gold rebounds on early fund buying Wednesday January 8, 10:33 am ET NEW YORK, Jan 8 (Reuters) - Large speculators rescued COMEX gold from a deep shakeout early Wednesday, bargain hunting after a pullback from six-year highs, despite a recovering dollar and retreating oil prices. "It looks like we have a little bit of fund buying coming into the market," said a floor broker. "Even though crude oil's weakness is giving us reason to sell it, which we are seeing dealers do, the fund buying continues." February gold (0#GC:) at 1030 EST was up $2.00 at $349.70 after funds scooped up futures near support at $345. It moved from $345.30 to a high of $351.50. Monday's top at $357 was the highest since February 1997. Analyst Greg Weldon, publisher of Weldon's Metal Monitor, said the contract's inability to gain a closing toehold on the $355 level left the market vulnerable to short-term house cleaning. The $673 billion package of tax cuts and business capital spending incentives announced by the White House Tuesday could shore up the dollar, which plumbed three-year lows against the euro in recent days -- a major positive for gold, because of its traditional currency role. The euro fell on Wednesday. But the funds who have been leading gold buyers, jumped back in anyway. They are placing bets that gold will be seen among the safest harbors if the United States goes to war to disarm Iraq and topple Saddam Hussein this winter. Gold's 25 percent rise over the last 12 months was in effect pricing in a war and the potential for slow economic growth and higher inflation brought on by higher oil prices. "Risk pricing that might be enacted if the best case scenario does not play out as currently priced remains a bullion bullish feature," Weldon wrote late Tuesday. NYMEX oil, meanwhile was lower at $30 a barrel after an unexpected rise in U.S. crude oil supplies. Spot bullion (XAU=) was quoted at $350.50/1.25, up from $346.90/7.90 at New York's close. The morning fix was $346.75. March silver (0#SI:) was 3.5 cents higher at $4.85 an ounce, trading in a $4.77-$4.875 range. Spot silver (XAG=) was at $4.82/84, up from $4.79/81 late Tuesday. The fix was $4.775. NYMEX April platinum (0#PL:) was $6.60 higher at $610 an ounce, hitting a contract high at $612. Spot (XPT=) was at $612/617. Platinum is in a bull market fueled by increasing demand for use in automotive catalytic converters, as car makers try to meet anti-pollution regulations and substitute platinum for more volatile and hard-to-procure palladium. March palladium (0#PA:) was up $12.80 at $255 an ounce. Spot palladium (XPD=) traded at $249/257 biz.yahoo.com

To: Jim Willie CB who wrote (2510)	1/8/2003 12:25:16 PM
From: 4figureau	Respond to of 5423

Bear Roundup: New home sales may decline 10% in 2003 - Houston Chronicle (1/8/2003 9:13 AM) chron.com U.S. Health-Care Spending Increased 8.7% in 2001 - DowJones (1/8/2003 6:53 AM) story.news.yahoo.com - Alcoa Inc. to Slash 8,000 Jobs, Posts Loss of $223 Million for Quarter - Cigna to Eliminate 3,900 Jobs, Sees Fourth-Quarter Charge of $98 Million - Mortgage foreclosures set a record - Securities Fraud Suits Hit Record in 2002 Global airline losses topped $13 billion in 2002 - USAT (1/8/2003 6:49 AM) usatoday.com