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

To: Bo Bob Brain who wrote (1066)	1/21/1998 8:26:00 PM
From: Gerald Walls	Respond to of 1911

The next critical area is $5.88- 5.90, if we break that then $6.00 silver could be the next target. The current spot price overseas (from Kitco) is $5.88 x $5.92.

To: Bo Bob Brain who wrote (1066)	1/23/1998 4:26:00 AM
From: brian krause	Respond to of 1911

Market maker = the other exchanges seem to be following the New York highs and lows for the past two weeks inorder for them to set thier priceing. They (the other markets) during the day but none of them break the trend set buy New York. kitco.com

To: Bo Bob Brain who wrote (1066)	1/23/1998 5:22:00 PM
From: Bo Bob Brain	Read Replies (1) \| Respond to of 1911

For the past few weeks,the gold market had been trying to put in a bottom, but had been looking for a spark to light the fire under prices. Today it found the spark in the plunging dollar. Prices opened modestly higher this morning on some overseas buying. This buying quickly turned into a frenzy as the dollar continued to fall and broke through various support levels. When prices moved above the recent highs of $296.60 for the Feb gold contract, there was alot of short covering and new fund buying that pushed prices above the $300 level. In addition to the fall in the dollar, there were rumors that the Swiss may not be selling the 1400 tonnes of gold they proposed(?) to sell last year. That was not confirmed, will have to see what develops over the weekend out of Washington regarding tailgate to see if we have put in a significant bottom. Gold up $9.00 at $300.3, silver up .175 at $5.893, platinum up a dime at $383.20. The decline in the dollar started Wednesday as a mild run of buying the D Mark has turned into a full fledged run on the dollar. The dollar index dropped 3% in the last 3 days. Nervousness can be laid at the feet of the White House as the current scandal is undermining confidence of foreign investors in the administration. Talk of indictment, impeachment, etc, whenever you get that kind of talking, even if it may be premature, the market becomes very nervous. Markets hate uncertainty, and thats why we saw alot of people selling dollars and selling the bond market also. Dollar index closed 136 pts lower at 98.28. British lb., Swiss franc, D Mark, Yen all closed higher. Foreign investors were liquidating bond positions as well as the dollar. The gap left on the charts last Friday but bonds on the defensive. The gap remained unfilled throughout this week and selling pressure increased. The technical and fundamental factors really pressured the market. Bonds are down 2 pts in the last 2 days, and it will critical for the bond market to right itself as it gets close to the 6% yield which should be support. Bonds down 1 23/32 at 120 5/32. Pressure on the dollar and bonds could have an impact on the stock market down the road if there is any truth to these allegations. Until then people are taking money out of bonds, and just by default the stock market is getting that money and that's been supporting the market from further losses. S&P down 6.10 at 960.20 near the close. Extremely oversold in the crude oil market. But supplies are abundant, seasonally this is a weak timeframe, technically the market does not look good. We might see a bounce up, but that should be used as a selling opportunity. Crude down .29 at $15.75. President Gore, soon to be followed by President Gingrich?