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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: PaulM who wrote (10349)	4/21/1998 10:04:00 PM
From: Mark Bartlett	Read Replies (1) \| Respond to of 116764

Paul, <<Inflationary trends appear to have shifted from "goods prices into asset prices" and financial markets may not yet have fully digested this fact, he suggested. >> This is an understatement IMHO .... an iceberg .... perhaps obvious, but being ignored nevertheless. MB

To: PaulM who wrote (10349)	4/22/1998 12:56:00 AM
From: Alex	Respond to of 116764

Jun gold roars to 2-week high 04/21/98 15:33 ET <Picture> <Picture>ÿÿÿÿToronto--Apr 21--New York Jun gold futures settled up $3.00 at $312.60 after soaring to a 2-week high of $314.30 on hedge fund buying amid a weakening US dollar. The rise lent support to silver, with May settling up 7.8c at $6.293 after reaching a 1-week high of $6.375. Palladium shot higher on the opening of trade and extended its gains into the close on continued talk that Russian supplies won't reach customers anytime soon, with Jun up $10.45 to $296.55 after reaching a contract high of $297.90. ÿÿÿÿThe US dollar today dropped to its lowest level in almost 3 months against the Deutsche mark, and while gold recently has not followed movements in the dollar too closely, the market today decided to take notice, said brokers. ÿÿÿÿA rise in oil prices today was also linked to stronger bullion prices, as were general market feelings that equity markets are becoming too highly valued and gold prices may benefit from flows out of stocks. ÿÿÿÿ"I think a lot of people are taking a look at gold now," said Ted Kempf, analyst with CPM Group. "The equities markets are just so overvalued, the currency markets are getting shaky, and people are not as concerned about central bank gold sales as they have been in past. I think gold is being viewed as a valued investment at this time." ÿÿÿÿTraders said that the sudden turnaround in precious metals caught some of the London trade and COMEX locals short, with the move up compounded as buy stops were triggered. A lack of producer selling also helped bullion to climb to higher levels. ÿÿÿÿDoris Hildebrandt, a dealer with Toronto-Dominion Bank, said gold's break to the upside was not entirely expected given that bullion has seen little price activity in recent sessions. ÿÿÿÿ"I'm a bit surprised, because usually when it lingers and languishes around the same level for so long, it usually ends up falling," she said. ÿÿÿÿSilver was hit with some spill-over buying, and was supported by general market perceptions of good fundamentals. One analyst said silver was climbing because May's drop Thursday to a 1-month low of $6.05 did not trigger many sell-stops, so this prompted some short-covering. On Thursday, May managed to recoup much of its 25c loss to settle down only 1c at $6.29. ÿÿÿÿHildebrandt said that silver didn't gain as far as it might have been expected to, given gold's large rally. ÿÿÿÿ"Silver doesn't have the same momentum to it that it used to. A move like that could bring it to $6.50," said Hildebrandt. ÿÿÿÿPalladium, meanwhile, continues to be supported by thoughts Russian palladium will take a long time to hit the market. ÿÿÿÿRussian President Boris Yeltsin's nominee for prime minister, Sergei Kiriyenko, has been rejected twice by the Duma, and another vote is set for Friday. Yeltsin is permitted to dissolve the Duma, which would likely to further delay both platinum and palladium exports. ÿÿÿÿ"I think you have to be a scholar of Russian bureaucracy to figure this one out, but I think suffice to say the market is very tied up for the moment," said Kempf. SETTLEMENT PRICES ÿÿÿÿ--Jun gold (GCM8) at $312.60, up 3.00c; RANGE: 309.00-314.30 ÿÿÿÿ--May silver (SIK8) at $6.293, up 7.8c; RANGE: 6.155-6.375 ÿÿÿÿ--Jly platinum (PLN8) at $416.90, up $1.00; RANGE: 411.0-418.0 ÿÿÿÿ--Jun palladium (PAM8) at $296.55, up $10.45; RANGE: 287.10-297.90 -- Darcy Keith, Bridge News