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To: goldsnow who wrote (13720)	6/23/1998 6:10:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 116874

goldsnow...interesting action in the xau majors today. when gold kicked up the other day the xau barely flexed...yet it has been slowly creeping up while POG has been consolidating downward. Pretty strong close on NEM today with a block of 80k at the close being purchased. I conclude that POG may be making a move soon but to quote bobby: BWDIK?

To: goldsnow who wrote (13720)	6/23/1998 8:55:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116874

OK, my math skills got a little weak,please help. What is the total $ value of the S&P 500? If I'm correct, the day Japan bought gold, we had a $4.00 +move. My best guess at cost of this action was $13.9 million. If even 1% of this remaining bull went into bullion what price might it drive? My PFA (pulled from air) number is in the $490 range considering current high world production levels. Ideas? One could also expect perhaps another 1% going into the XAU. Far to many will for ever forward believe the "gold has no value" mantra. the old rule of holding 5% metals will be for ever gone.I think we may well see 2% though as sentiment is changing. The only money left in the XAU is from we "crazies", the new money put there of late by the pro's & big money, & those few miners that are still part of the 500 & have gotten to where they are at from index funds. rh

To: goldsnow who wrote (13720)	6/23/1998 9:24:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 116874

XAU update digisys.net It looks to me that Silver has made an ABC correction and is now trying to break out upside of a constricting bollinger band. POG may be working on an inverted H&S pattern digisys.net I believe the CRB hit a short term bottom last week and we should see a pop to around the 222 area which is massive resistance. It could fail there and lead us in to a deflationary scenario. However gold may decouple there and be a good hedge. For now I think, the S&P will be a good short term trade on the upside. I believe 6/15 was a signficant bottom in world markets, both equity and commodity. bwdik bb

To: goldsnow who wrote (13720)	6/24/1998 7:04:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116874

great urls.. would you care to comment on what Yelsin is doing..ie going against the USA to possibly sell nuclear plants to India which will create nuclear waste to fuel future nuclear fuel.. then asking the IMF for more money.. bobby

To: goldsnow who wrote (13720)	6/24/1998 6:47:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116874

OPEC unveils deep cuts to lift oil prices 06:28 p.m Jun 24, 1998 Eastern By Mark Thompson VIENNA, Austria (Reuters) - Oil cartel OPEC attacked a petroleum price collapse by agreeing Wednesday to cut output more than expected, by almost 5 percent. The producers will cut crude flows by 1.355 million barrels per day (bpd), more than doubling an earlier set of reductions agreed to in March, Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah told reporters. The agreement made during the summer conference of the 11-member Organization of the Petroleum Exporting Countries would be in effect for one year from July 1, he said. ''We took strong action because all oil producers were facing disastrous economic consequences,'' he said at the start of a conference session expected to ratify the measures. Saudi Oil Minister Ali al-Naimi, who oversees the daily oil flow from the world's leading producer and exporter, said he was extremely happy with the agreement. In a bullish signal, the move would lower output by kingpin Saud Arabia almost to the eight million bpd it held for much of the 1990s. ''The deal is better than expected. Prices will eventually probably push higher,'' said trader Nigel Saperia of Bankers Trust in London. The agreement faced a last-minute glitch when the cartel's second-largest producer, Iran, haggled over the size of its own cut. After a couple of hours of discussion, Iran said it would cut by 305,000 bpd, 25,000 bpd less than it had agreed earlier in the day. Insiders suspected the agreement was made possible at least in part by talks Tuesday in Riyadh between Saudi's King Fahd and Iranian Foreign Minister Kamal Kharrazi, the latest in a series of friendly contacts between the rival Gulf oil powers. The predicament of oil producers has been created by weak Asian demand growth and rising Iraqi exports, fueling a glut that has hit prices and torn holes in producer revenues. Oil company shares have suffered and exploration and production in the world's remoter areas has slowed. ''The situation is seriously affecting our domestic economies, compelling us to reevaluate our development plans and trim budgets,'' said OPEC President and United Arab Emirates Petroleum and Mineral Resources Minister Obaid bin Saif al-Nasseri. The combined cuts including those pledged in previous reductions agreed to in March come to 2.6 million bpd, ministers said, marking a 4.7 percent cut from the group's May output, or a cut of almost 10 percent from February output. U.N.-monitored oil exports from OPEC member Iraq, still subject to U.N. sanctions for its 1990 invasion of Kuwait, are excluded from the accord. The main contributors over both rounds of cuts were Saudi Arabia, with a combined 725,000 bpd, and Venezuela, with a total 525,000 bpd. Delegates said both countries had agreed to raise by 200,000 bpd the cuts it had pledged in talks with non-member Mexico earlier this month. That would take Saudi Arabia down to 8.023 million bpd, a sharp contrast to the 8.76 million bpd quota it won at OPEC talks in Jakarta last year that raised cartel output limits 10 percent. ''This agreement shows they have admitted making a serious mistake in Jakarta,'' said Leo Drollas, of the Center for Global Energy Studies, echoing analysts who note the 1997 decision coincided with Asia's financial downturn. Non-member Russia, attending as an observer, also lent support by announcing 80,000 bpd in fresh cuts of its own. Russia is the world's third-largest oil producer, behind Saudi Arabia and the United States. But the cuts failed to bring traders immediate joy, with North Sea Brent crude finishing the day 31 cents down at $13.61 a barrel. Some dealers doubted OPEC could match words with deeds. But others said that if producers could stand by their word they would win higher prices further down the road. Roger Diwan of Washington's Petroleum Finance Co. estimated that even with some overproduction the cuts would drain world oil stocks by some 900,000 bpd in the second half of the year after a 1.3 million bpd build in the first half. ''The adage that actions speak louder than words is all too true,'' said OPEC's Nasseri. Copyright 1998 Reuters Limited.

To: goldsnow who wrote (13720)	6/24/1998 6:50:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116874

FOCUS-Oil falls sharply on OPEC cut scepticism 05:53 p.m Jun 24, 1998 Eastern LONDON, June 24 (Reuters) - World oil prices fell sharply on Wednesday in a surprise slide after OPEC clinched a deal cutting deeper into supply than expected. The cartel agreed to cut 1.355 million barrels per day (bpd),more than doubling an earlier round of cartel reductions agreed in March, Kuwaiti Oil Minister Sheik Saud Nassser al-Sabah told reporters. He said the cuts would be for one year from July 1. ''I am extremely happy (with the agreement),'' said Saudi Oil Minister Ali al-Naimi, in day-to-day charge of the world's biggest flow of exports and production. Many oil traders had been expecting cuts of anywhere between a million and 1.3 million bpd to emerge from the cartel's meeting in Vienna. Benchmark Brent crude last traded 31 cents down at $13.61 after striking a session high of $14.56 earlier in the session. But prices slipped as dealer scepticism surfaced on the ability of OPEC making prices stick. Against this backdrop ministers began meeting mid-evening in Vienna to ratify the measures at a full conference session at OPEC headquarters. The session was to have been held earlier but talks were delayed by last minute differences over the production baseline for Iran's planned cuts. By early evening ministers said the differences had been cleared up. ''The deal is better than expected. Prices will eventually probably push higher,'' said Nigel Saperia, managing director, of Bankers Trust International in London. ''It's a pretty constructive deal,'' said Bob Finch, head of trading at Vitol SA in London. ''But weakness from the United States is probably the reason for the pressure this afternoon,'' he added. The price slide may also reflect ''scepticism about compliance,'' said Chris Bellew of brokers Prudential Bache in London. Jeremy Hudson, oil analyst, at Salomon Smith Barney in London said ''the market is in a 'show-me' mood.'' Oil prices are floundering well below last year's average of over $19 and petrodollar revenues have collapsed. Prices were on an upward trend until last November when OPEC raised output just as Asian demand was fading, oil storage tanks were swelling and the West basked in unusually warm winter weather. One pointer to the urgency of the cuts was the priority given to oil in Riyadh talks between Iranian Foreign Minister Kamal Kharrazi and Saudi Arabia's King Fahd this week. Despite help from non-OPEC oil producers, some traders believe the cuts may not be enough to turn the market around, given slowing global oil demand growth. OPEC's problem is that while world demand is still rising, the rate of demand growth has slowed sharply this year. Asia's financial crisis means producers can no longer rely on any incremental demand from the region which in recent years has accounted for about 50 percent of the world's extra oil consumption. Meanwhile, rising Iraqi exports is also bound to work against efforts by OPEC to soak up excess supply. The U.N. Security Council voted last week to approve $300 million in equipment to upgrade Iraq's dilapidated oil industry. This will eventually lead to higher oil exports but the supplies are not expected to reach Baghdad for several months. Prices in dollars per barrel: Jun 24 Jun 23 (close) close IPE August Brent 13.61 13.92 NYMEX August light crude 14.56 14.52 Copyright 1998 Reuters Limited.