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

To: Zardoz who wrote (11024)	4/30/1998 4:51:00 PM
From: Richnorth	Respond to of 116762

usagold.com

To: Zardoz who wrote (11024)	4/30/1998 5:04:00 PM
From: Casey	Read Replies (1) \| Respond to of 116762

This shows and early spike, level trading during the day and then a down drop at the end of the day, for a small gain. usatoday.com

To: Zardoz who wrote (11024)	4/30/1998 11:45:00 PM
From: Greg Ford	Respond to of 116762

Basically what happen is that some speculative hedge funds came in to the market late in the day around 1:45PM to 2:00PM and started selling. They triggered stop loss orders which drove the price down to 306 bid before it recovered. The day up until that point had been uneventful. The Portugal news was a non-event when it was disclosed earlier in the session. 20% of EMU reserves is within expectations, but below 15% will be viewed as bearish. Portugal will have a small role in the decision making process. Tommorow may be as volatile as Monday is a European holiday. I believe we are more likely to go lower before an upward trend resumes for the following reasons: 1. Physical demand is weak. 2. The EMU meeting this weekend will likely not discuss the role of gold. This will be viewed negatively. 3. Weak Aussie dollar and SA Rand encourages hedging. 4. Rebound in the equity and bond markets. Greg