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

To: Richard Mazzarella who wrote (12728)	6/8/1998 8:19:00 PM
From: goldsnow	Respond to of 116818

Gold prices bucked the pressure of a strong dollar and possible selling of futures by gold miners to close higher. August gold at the COMEX in New York climbed $4.80 an ounce to close at $298.40. "Traders said mine and scrap supply of gold continues to fall short of estimated physical demand by about 900 metric tons a year, analysts said. The new European Central Bank has also created more optimism that selling of gold by European banks ahead of monetary union in January will remain low. ''Prospects for increasing supply pressure from central banks would likely be needed to pressure gold below the 18-year low of $278 reached in January,'' said David Rinehimer, an analyst with Salomon Smith Barney. " infoseek.com

To: Richard Mazzarella who wrote (12728)	6/8/1998 8:30:00 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 116818

Richard...I don't know how the forecaster works but I have a hard time understanding how the long term forecast could be a sell when gold is hovering near the 18 year low! That must be one fine tuned instrument or it is completely out of wack.<g> For the long term to be a sell, gold would have to stay under 300 for the next two years, correct?