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Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: JACK R. SMITH JR. who wrote (4231)	11/18/1997 11:07:00 PM
From: stanley new	Read Replies (1) \| Respond to of 14226

Jack---I also am thinking this is presenting a good buying opportunity, especially if news waits much longer, but I am loosing a bit of my nerve. Perhaps the blood is getting a little too deep in the streets of Jr. Companies. Enjoy the continuing saga of "who is Jack, today?" How about "Platinum Jack"--has a good ring. Makes you sound like a high-roller though. Does anyone else feel like an expectant father pacing the hallway? Something needs to happen! sn

To: JACK R. SMITH JR. who wrote (4231)	11/19/1997 12:23:00 AM
From: J.E.Currie	Read Replies (1) \| Respond to of 14226

Gold higher on fund short-covering By Ross Allen, Bridge News By Ross Allen, Bridge News New York--Nov 18--COMEX Dec gold settled up $2.90 at $307.60 per ounce, gaining amid fund-buying which traders attributed to short-covering. The metal was also buoyed by gains in platinum, with NYMEX Jan platinum settling up $7.30 at $392.80 per oz on a bullish report on the 1997 supply deficit by precious metals refiner and dealer Johnson Matthey. * * * NYMEX palladium was also higher, with Dec settling up $1.20 at $208.00 per oz, gaining on the strength in platinum and a bullish report on the metal by Johnson Matthey in its Platinum '97 interim report, released today. However, support for palladium was diminished by bearish statements by an official of the Russian export agency Almaz, in which he indicated the market has underestimated exports from Russia, responsible for approximately two-thirds of the world's supply of the metal. COMEX Dec silver settled down 1.8 cents at $5.100 per oz, weakening on profit-taking from a sharp rally Thursday. Gold's short-covering gains came in advance of the upcoming first- notice day in the Dec contract, with a large outstanding open interest seen buoying prices. At issue is the contract's first-notice day and the current rollover of Dec positions to Feb, said Tim Porter, an analyst at Refco. With nearly 100,000 contracts of open-interest and only about 500,000 oz in COMEX warehouses, there are fears among short-positioned traders that they would be caught in a short-covering rally or even a transient supply squeeze as Feb becomes the active contract and liquidity dissipates from the Dec contract. "You've got a lot of shorts out there that are covering," Porter said. "You've got heavy open-interest, especially going into first-notice day." Open interest in the COMEX Dec gold contract was 97,503 on Monday, the data latest available. This was down 4,498 from Friday's 102,001 contracts. Platinum rose amid the release of Johnson Matthey's Platinum '97 Interim Report, which noted continuing supply tightness was likely in the metal. Platinum this year is heading for a supply deficit of around 320,000 oz--the first significant supply deficit since 1988, Johnson Matthey said. Spot platinum is likely to trade between $400.00 per oz and $450.00 over the next 6 months--higher than Johnson Matthey's previous forecast of $360.00-$400.00 per oz Estimated supply of 4.77 million ounces, down from 4.98 million ounces in 1996, had not kept pace with demand this year, which has risen from 4.96 million last year to an estimated 5.09 million in 1997, Johnson Matthey said. Palladium's relative weakness compared to platinum came on news that despite a 6-month delay in the shipment of its palladium exports early this year, in January-393.00-385.50 Dec palladium (PAZ7) at $208.00, up $1.20; RANGE: 209.00-207.00 SPOT PRECIOUS METALS PRICES: Late New York London Late Tokyo Gold (KRCGL) 305.90-306.40 303.60-304.00 303.05-303.55 Silver (KRCSL) 5.09-5.11 5.11-5.13 5.12-5.14 Platinum (KRCPL) 394.00-395.00 386.00-388.00 384.50-386.50 Palladium (KRCPA) 208.00-210.00 208.75-210.75 207.00-209.00 Zeev, I highly doubt you'll be able to purchase at 1 11/16.