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Gold/Mining/Energy : At a bottom now for gold? -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (1060)	1/18/1998 6:07:00 PM
From: Bo Bob Brain	Read Replies (2) \| Respond to of 1911

Platinum has been supported over the past few days by supply concerns out of Russia. That has sent platinum and palladium sharply higher. On Friday, one of the largest holders of palladium(Tiger? - thanks for that info., didn't see it) were rumored to have been selling some of their holdings on COMEX. This may be an indication that supply concerns are easing, or we could be seeing profit taking. We'll find out on Tuesday morning if supplies are moving. Gold traded in the $292-296 area nearly all day Friday as mentioned in my last post. IMO, if gold exceeds $300 it would indicate that gold has put in its low. This is based on several technical indicators and interpretations of charts too complicated to get into here. Just my opinion. A flurry of stop loss and fund buying early in the session sent prices up nearly $10.00 at one point, late profit taking took prices off these highs. We have not seen this much activity in gold for a long time. This could be an indication of some increased interest in the gold market instead of short covering. Feb gold up $4.70 at $291.10. March silver down 3 cents at $5.783, Platinum lost $14 at $374.60, palladium down $9.00 at $240. Very oversold in the energy complex, we could be in for a bounce. If the tensions with Iraq get worse, obviously that will support the market with short covering and profit taking. Charts are still negative, if we get a rally it would be a selling opportunity. Would not sell the market yet, would wait for the rally. Crude up .19 at $16.52.