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.

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

To: 4figureau who wrote (2967)	1/27/2003 9:32:15 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

UBS Warburg: Gold remains bid this morning as the dollar continues to weaken ahead of the important date in the UN weapons inspection of Iraq. United Nations weapons inspectors will report to the UN Security Council later today. The inspectors, Hans Blix and Mohamed ElBaradei are expected to report no ‘smoking gun’ discovery, whilst at the same time they are expected to be critical of the degree of co-operation of Iraq. Hans Blix is scheduled to speak at 15:30 GMT. Gold: COTR: The COTR for gold, released Friday, shows that Comex-trading speculators continued to add to their net long positions in the week to 21 January. Large speculators added 0.25 Million ounces to their net long positions while small speculators (aka nonreportable) added 0.24 million ounces. The total traders position (the sum of Large and Small speculators net positions) stood at 11.76 million ounces net long. This large net long position is only 2 lacs less than the highest in our records (11.96 Moz February 1996). Importantly, Comex open interest has increased by 0.85 million ounces since last Tuesday and this excludes Fridays’ activity. Trading: In New York on Friday gold had a quiet start to the day with light speculative buying noted but once the equity markets began to come under intense pressure, gold tested Thursday’s highs twice but ran into good selling. Once the EUR made further ground, gold rallied to the highs slightly below $370/oz as US banks apparently ran into stop-loss buying. Profit taking into the close saw gold lose a couple of dollars to close at $368.25. In Asia Tocom general public selling saw gold under some early pressure but $367 proved to be decent support. Tocom then turned buyers for the rest of the day and gold headed higher without interruption to end the day near the highs. In early European trading gold drifted higher before physical related buying took gold to a high of just below $373/oz. View: Whilst geopolitical tension continues to rise it is hard to make a case for a retreat in the gold price, especially if the US dollar continues to weaken. Silver: Trading: In New York, silver had another active session. After fixing at $4.78/oz silver found early buying from UK based banks and once gold and the EUR strengthened, silver quickly jumped to a high of $4.93 / 4.94 before coming under late-selling pressure as one US bank cut the legs from beneath silver into the close. Silver came under pressure from Tocom related selling and has started trading quietly in Europe. View: Silver will benefit from the weaker US dollar (as will all dollar-denominated commodities), but since silver’s applications are largely industrial in nature the metal will continue to be hit by slowing economic activity. thebulliondesk.com