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

To: Jim Willie CB who wrote (11300)	1/8/2003 3:06:00 PM
From: lurqer	Read Replies (1) \| Respond to of 89467

For any who haven't seen investorshub.com lurqer

To: Jim Willie CB who wrote (11300)	1/9/2003 1:27:27 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Europe Precious Metals: Gold Hits New 6-Year High, Seen Higher Daily Metals Report London, Jan 09, 2003 - Renewed weakness for the dollar helped push gold to a fresh six-year high at $357.50 a troy ounce Thursday morning and, despite calls for a deeper retracement, further gains are possible. The spot market fixed at $354.60/oz Thursday, up from $349.75/oz Wednesday afternoon. After a quiet day's trade during Asian hours, the currency-led buying emerged as dealers arrived in London and the market charged up through Monday's high at $357.10/oz. Buying eased above this level and the intervention of light profit taking had pulled the market off the highs by midday but dealers felt the open of the U.S. Comex market could see further gains posted. "We looked as if we were going to spend a bit of time consolidating above $345/oz but people don't seem to want to hold back on gold at the moment and I can see us looking at $360/oz before long," said one dealer. The threat of a U.S.-led war against Iraq and other global political tension is providing continued support for the market and players remain reticent to sell gold short. But some analysts believe that because the gains over the last few weeks have been primarily led by speculative buying the rally is not sustainable, especially because physical buying has been absent. Others are less skeptical and expect physical buyers to accept the new higher prices and begin taking some cover below $350/ oz in the short term given that the potential for further gains is growing. John Reade, analyst at UBS Warburg said that although Comex players are currently holding extremely long positions, it seems likely that "new" money has bee attracted into the gold market. "Since the size and durability of these flows are unknown and there are few obvious sellers of gold in evidence, then gold could hold at current levels or even make further gains," he said. On a technical basis, the gains have re-asserted the bull trend for gold and a period of consolidation back to $352-$350/oz should now occur, said J.P. Morgan in its daily report. Silver has again gained on the back of gold but dealers remain skeptical of the longevity of any rally for this metal given its reliance on the wavering industrial sector. Platinum has stormed to a fresh nine-month high at $625/oz on speculative buying in the wake of news of production difficulties at a Lonmin smelter on Tuesday. Although further gains are possible given tightening lease rates, selling above $625/oz is expected to quickly emerge and dampen upside momentum. gold-eagle.com