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

To: TobagoJack who wrote (28389)	2/3/2003 2:46:55 PM
From: Condor	Read Replies (1) \| Respond to of 74559

NY platinum bolts to 23-yr high early, gold propped Updated Mon 2/3/2003 10:34 EST NEW YORK, Feb 3 (Reuters) - NYMEX platinum futures streaked to a 23-year high Monday morning on prospects for new auto technologies and threat of a labor strike in key producer Russia, while gold was firm after early fund buying, dealers said. April platinum futures <0#PL:> on the New York Mercantile Exchange at 0958 EST soared $20.10 to $679 an ounce, trading between $664 and $686, a contract peak and platinum's highest price on a monthly basis since October 1980. "All the talk about alternative fuel sources, that gave it a big jump, jewelry demand is real strong, and the market is talking about labor issues" at Norilsk Nickel <GMKN.RTS>, said James Quinn, commodities commentator at AG Edwards in New York. Spot platinum <XPT=> traded at $694/704, above Friday's closing level at $662/$667. Spot fixed in the London afternoon at $698 an ounce, also a 23-year high. Platinum traders were inspired last week when President George W. Bush discussed funding for fuel cell research in his State of the Union speech. The precious metal is a key component in fuel cells which create electricity without pollution by combining hydrogen and oxygen into water. Jewelry demand for platinum has also been on the rise. "There is little sign of a top at this stage and we could easily see an extension toward $730 or even $750 in the coming days," JP Morgan technical analysts said in a market note. "Buy into pullbacks if they are seen." Labor leaders at Norilsk Nickel, a major platinum producer and the world's largest palladium producer, will consider on Wednesday launching a one-hour strike at a key division after talks with management broke down, a union official said. Trade unions at the Arctic division, which employs 60,000 people, have threatened to launch a strike to press for higher pay, longer vacations and more information from the company including details of top managers' salaries. NYMEX March palladium <0#PA:> gained $5.50 to $264.50 an ounce. Spot palladium <XPD=> fetched $262/$268, up about $6 from Friday's close. Gold was firm but off from morning highs after U.S. equities bolted higher following a much-anticipated report by the Institute for Supply Management indicating manufacturing activity and new orders blossomed in January. But fears of war with Iraq and a weak dollar were expected to keep a bid under gold prices, traders said. "You've seen some decent fund buying after light liquidation by the dealers earlier," said one COMEX trader. "There seems to be a whole population that wants to be long this market so any dip is viciously bought by retail and the funds." Active April futures <GCJ3> on NYMEX's COMEX division rose $1.60 to $370.70 an ounce, moving from $368.70-$372.70, its double-top from Friday. Spot gold <XAU=> was quoted at $369.20/9.95 an ounce, from Friday's close at $368.10/8.85. London's late gold fix was at $369.50. JP Morgan technicians said Monday they viewed gold's current price range between $367 and $373 as a consolidation area within an underlying bull trend. On Friday, CFTC Commitments of Traders data for the week ended Jan 28 showed funds held a net long positions of 56,867 contracts in COMEX gold futures, down from 61,682 lots a week earlier. Small speculators boosted their net long exposure to 55,983 lots, from 46,590 previously. IFR Pegasus analyst Tim Evans commented that funds might have reduced longs ahead of first notice day for the February contract, although it could also signal that funds reached a maximum exposure and are now inclined to take profits. Current high gold futures prices look more a function of small, nonreportable traders who lifted their long stance to the most bullish bet in years, said the analyst. "These small traders may be more vulnerable to reversal than the funds would be, compounding the high risk of long liquidation from the fund sector," Evans stated. Pegasus pegged resistance in COMEX April gold at $374 followed by $400, with support traced down at $353, $346 and $339. COMEX March silver <0#SI:> fell 1.5 cents to $4.845 an ounce, trading $4.88-$4.835. Spot silver <XAG=> was at flat from Friday's close at $4.83/4.85. The London fix was $4.845. ((Reporting by Zach Howard; editing by John Picinich; Reuters Messaging: zach.howard.reuters.com@reuters.net; 646-223-6045; fax: 646-223-6049; zach.howard@reuters.com)) (C) Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nN03377026 GOL/X

To: TobagoJack who wrote (28389)	2/3/2003 6:20:21 PM
From: jrhana	Read Replies (1) \| Respond to of 74559

For a super speculative platinum play, try GSS.V (Gossan) on the Vancouver Exchange not GSS (Golden Star resources) on the US exchanges finance.yahoo.com biz.yahoo.com

To: TobagoJack who wrote (28389)	2/4/2003 2:36:47 PM
From: Maurice Winn	Read Replies (3) \| Respond to of 74559

Gold $380 vs 10 x QCOM only $367. Jay, gold has regained a lead over QCOM. I hope you haven't put a Chinese curse on QCOM. The Aztecs are obviously swarming in nervous clusters around their magical totems, telling each other it's safe here because, "See how the price rises - hold tight friends and all will be well". Who will be the poor sap who pays the top price? Who will be last in to clutch at the ever-safe allure of gold immediately before the inevitable descent back to reality. How high will they bid? $1000 would be a mania of irrational exuberance and infectious greed, which people have been warned about as recently as the Y2K bubble, with gory, vivid, financial and corporate destruction, seas of red and back to work blues. That would be 4 x the cost of production of the new mines. Not a bad pay rate and incentive to dig $500 an ounce gold. I have staked a claim on Easter Island and the surrounding oceans for the purposes of creating a Golden Heads culture, to replace the missing and defunct Easter Islanders. Who were obviously washed away by a tsunami caused by a splashdown comet somewhere in the Pacific. Mqurice