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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: Casey who wrote (989)	4/2/1998 10:15:00 PM
From: The Lone Ranger	Respond to of 8010

Thursday April 2, 4:02 pm Eastern Time NY precious metals end mostly higher NEW YORK, April 2 (Reuters) - COMEX gold and silver futures ended significantly higher Thursday, but NYMEX platinum group metals futures finished mixed. "Silver was clearly the leader today, on a lot of delta options hedge buying in New York, ahead of the options expiry next Thursday," said Merrill Lynch director of commodities research, Bill O'Neill. COMEX May silver ended up 20.3 cents at $6.533 an ounce, after seeing a new four week high at $6.570 intraday. Total COMEX silver volume was estimated at a moderate 19,000 lots. In the bullion market, spot silver ended quoted $6.56/59, compared to the London Thursday fix at $6.4540 and the New York close Wednesday around $6.36/39. But silver's forward price curve remains in the most sustained period of backwardation since 1980 and silver lease rates remained around 6.0 pct for one month. Meanwhile, COMEX June gold ended up $2.30 at $304.20 an ounce, after seeing an intray high at $305.40. Total COMEX gold volume was estimated at a moderate 30,000 lots. In the bullion market, spot gold ended quoted $302.00/50 an ounce, compared with the London Thursday afternoon fix at $300.30 and the New York close Wednesday around $299.50/00. Implied lease rates for gold were little changed around 1.40 pct for one month and 1.95 pct for 12 months. "Gold benefitted from the rally in silver but also from further comments from French and Italian officials suggesting gold had a role to play in EMU (European Monetary Union)," Merrill Lynch's O'Neill said. On Wednesday SBC Warburg Dillon Read analyst Stephen Yorke said he thought the planned ECB would hold 15-30 pct of its reserves in gold as the Maastricht Treaty effectively gave France and Germany the right to make the decision.