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

To: PaulM who wrote (11595)	5/13/1998 8:24:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116834

"...if bullion can hold onto the levels around $298.00/$299.00, it could be set to go higher. " Palladium jumps $50, gold higher in Europe 11:40 a.m. May 13, 1998 Eastern LONDON, May 13 (Reuters) - Palladium surged more than $50 in late European trade on Wednesday before dropping back while gold and silver recovered from earlier lows, dealers said. Palladium gained sharply, touching $393.00 bid. It was last quoted at $370.00/$380.00 from the previous close at $333.00/$343.00. Dealers said palladium went sharply higher on short-covering on NYMEX. ''It could be that people are looking on the short-covering of the NYMEX positions in June,'' one dealer said. Gold was last quoted at $298.70/$299.20 an ounce from the previous New York close at $297.80/$298.30. Bullion was fixed higher in the afternoon at $299.10, from the morning London fix at $295.60. Dealers said gold recovered strongly during Wednesday afternoon following good buying in New York trading time. ''We saw gold liquidation this morning and now we have this nice bounce in New York. Gold has certainly found very good support around the $296.00 level,'' one dealer said. He said if bullion can hold onto the levels around $298.00/$299.00, it could be set to go higher. Silver recovered to above $5.50 after dropping to a five-month low at $5.42 earlier on Wednesday. Silver was last quoted at $5.52/$5.55 from the previous close at $5.55/$5.58. Dealers said silver's technical picture was looking constructive even though the metal was sold off overnight. They said a lot of people were expecting U.S. billionaire Warren Buffett to enter the market at present low levels. But analyst Hanspeter Hausheer of SBC Warburg Dillon Read in Zurich said it was unlikely that Buffett would buy more metal at present but added that this could not be ruled out. Silver prices shot sharply up earlier this year after Buffett announced he had purchased around 20 percent of the world's estimated annual supply of silver through Berkshire Hathaway Inc. Platinum moved higher. It was last quoted at $401.00/$403.00 from the previous close at $387.00/$389.00. ((Marius Bosch, London newsroom +44 171 542 8065. Fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited.