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Gold/Mining/Energy : AVL.V - AVALON VENTURES -- Ignore unavailable to you. Want to Upgrade?

To: Flavio Volpe who wrote (599)	3/15/1998 2:29:00 PM
From: DRT	Read Replies (1) \| Respond to of 1474

Now for something completely different (ha! ha!). ________ Friday March 13, 4:58 pm Eastern Time NY precious metals end up, palladium limit-up NEW YORK, March 13 (Reuters) - New York precious metals settled mostly higher Friday, with palladium ending limit up on continued uncertainty regarding Russian approval of exports to Japan. The palladium market rallied to another 18-year high in the London bullion market, and the fourth consecutive life-of-contract high on NYMEX. In the last week, NYMEX prices have rallied 11 percent. NYMEX May palladium ended at $261.00 an ounce, up $6.00 from Thursday's close, trading in a range between $260.00 and $261.00 an ounce. ''There's two factors in the market,'' explained Edward Kempf, senior research analyst with CPM Group. ''One is the fact that Russia accounts for 40 percent of world supply of palladium. You can't underestimate what (a lack of exports) means to the market. ''The other factor is that you still have 472 lots of open interest in the March contract,'' Kempf continued. ''That's a pretty large amount given how late in the delivery period we are.'' There are 441 contracts in the NYMEX warehouses. ''Certainly if you're short in this market, you should be concerned,'' one source said. ''If you're long, you can pretty much name your price.'' March palladium ended at $274.00 an ounce, up $12.50 from Thursday, with the March-May spread at a $13 backwardation. One week ago, the backwardation was $3.75. As for the Russian exports, Russian officials have given no indication on when such licenses will be granted other than to say they will be signed in the very near future. ''We expect that they'll be finalized by the end of March or early April,'' Kempf said. Traders dismissed Kremlin reports of Russian president Boris Yeltsin's illness as having much of an impact on the market. Elsewhere in the precious metals markets, trading was more sluggish. COMEX April gold ended 80 cents higher at $295.90 an ounce, trading between $294.90 and $296.20 an ounce. The market has spent the last week hovering in the $293.80-$296.80 ranged $6.40 an ounce. In the bullion market, spot gold was $295.10/60 an ounce, compared with the late London fix, which was $294.55 an ounce and Thursday's New York close, which was $294.30/4.80 an ounce Silver was the weak sister of the precious metals complex, falling 5.0 cents to $6.14 an ounce. ''We're just trading in a range,'' said Scott Mehlman, a trader with Credit Lyonnais Rouse. ''There seems to be good selling at the top of the range and good buying at the bottom of the range.'' NYMEX April platinum ended at $392.10 an ounce, up $4.20 from Thursday's close, trading in a range between $388.50 and $400.00 an ounce. __________ PS> PDAC a yawn? - maybe for those companies with property beyond the horizon of the Big Whopper discovery. DRT