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

To: 4figureau who wrote (3141)	2/4/2003 8:46:38 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

UBS Warburg: Gold unimpressed by higher dollar, lower oil and stock market, staying rocklike near its firmest price since 1996. Gold: News: Russia's central bank expects its gold and foreign currency reserves to rise to $55 billion by the end of 2003, Interfax news agency quoted a senior bank official as saying on Monday. Russian gold and foreign currency reserves stood at $47.8 billion at the start of 2003. Miners suffering from exposure to asbestos accepted a settlement on Monday from mine holding company Gencor, which once owned asbestos operations in South Africa. Gold imports into India, the world's largest consumer, remained almost stagnant for the second straight week as high prices hit demand and brought domestic sellers to the market. Traders said further, that India's gold imports halved to about 267 tonnes in 2002 from the previous year, and could fall further this year.(Reuters) Trading: In New York gold started near the lows of its 3 dollar intra day trading range and attracted steady, but thin fund buying. Helped by local banks the shiny metal traded its way up on the back of a higher Euro in a very consistent and orderly way during the afternoon session. The resistance was found again around the $372 level. Gold had finally a strong closing around $371. With Singapore and Hongkong back in the market gold traded immediately higher on technical stops and constant buying took the market up to 7 year high around $376.50. Europe opened rather quiet but the buying mood persist. View: As long as uncertainty is still the main driver, gold will stay firm. The market is now waiting for tomorrow’s testimony of U.S. Secretary of State Colin Powell to the Security Council. Having taken out the resistance of $375, $378 and $380 are in the cards, where we should run into resistance again. We should also keep in mind that the Comex not necessary continues the trend of the Asian and European market. Next light support at $375 and stronger support at $372. Silver: Trading: Silver started the day with some buying by commission houses. After reaching the highs it started to drift lower on us bank selling. It slipped further to the lows, were it found support by inter-bank bids around $4.82. The Gold buying spree spilled over to silver during the Asian hours and the white metal managed to open in Europe around the highs of yesterdays Comex session. View: Silver will benefit from the weaker US dollar (as will all dollar-denominated commodities), but since silvers applications are largely industrial in nature the metal will continue to be hit by slowing economic activity. We feel comfortable to trade the $4.75 and $4.90 trading range, with the risk that we should eventually break out on the upside. thebulliondesk.com