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

To: long-gone who wrote (14200)	7/7/1998 3:47:00 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116762

Did you do that on an automatic e*mail type listing service? I'd sure like my voice to be heard by that kind of quick response. I'm all ears. I certainly wrote my circle of influence and several of them got on the ball, too...the old fashioned snailmail way. O/49r

To: long-gone who wrote (14200)	7/7/1998 6:35:00 PM
From: goldsnow	Respond to of 116762

Gold dithers in the face of contradictory signals 06:50 a.m. Jul 07, 1998 Eastern LONDON, July 7 (Reuters) - Gold traded in a narrow range during early European trade on Tuesday, choosing inactivity in the face of contradictory signals, dealers said. Modest recoveries in the yen and rand versus the dollar, which on recent trends should have supported gold, were countered by news of Russia's planned easing of its export regime and Chinese projections of increased 1998 production. Gold fixed at $293.10 in the morning, just down on the previous afternoon's $293.25, while spot metal lolled at $293.10/$293.60, 10 cents up on New York's Monday close. ''It's all a bit quiet. we are seeing support at $292.50 and resistance at $297.50 and possibly a bit lower,'' said one London dealer. ''Perhaps it will go a bit lower depending on currency movements,'' he added, highlighting dollar cross rates versus the yen, the rand and the Australian dollar as influential. The dollar drifted versus the yen during early European trade, the market preferring to stand back until the Japanese government's intentions regarding tax cuts became clearer. The dollar was quoted at 139.59/62 yen at 1000 GMT after trading in a range of about half a yen overnight, compared with 139.81/91 in late European trade on Monday. Against the rand, the dollar gave back some recent gains as speculators bought the South African currency to collect profits from aggressively selling the unit for weeks. The rand, last at 6.34 versus the dollar as against Monday's 6.75 all-time low, has slumped 23 percent since May 22 and by 30 percent since December last year. The Australian dollar drifted quietly. While dollar strength during 1998 has swung gold's fundamentals towards oversupply, two news items out on Tuesday pointed in the opposite direction. The first related to Russian gold producers, who may shortly be allowed to export their output directly according to Russian Deputy Prime Minister Boris Nemtsov. ''We will give other enterprises dealing in gold the right to export,'' Nemtsov told a news conference in Magadan, Russia, on Tuesday. At present, under a presidential decree signed around a year ago, gold exports can be carried out by the central bank and by ''credit organisations with a general licence for carrying out banking operations and with a licence for concluding operations with precious metals.'' Perhaps more significant for gold was news from Beijing that China's output rose a year-on-year 28.3 percent in the first five months of 1998 with annual production expected to exceed 160 tonnes. Xinhua news agency cited the head of China's Gold Administration as the source of its report. Wang Dexue, head of the state gold authority, gave no output figure for January-May period. Official figures showed output in the same period of last year was 46 tonnes. Industry analyst Gold Fields Mineral Services said China was the world's fifth largest producer last year, its 156.8 tonnes placing it behind Canada, Australia, the United States and South Africa. Silver was just up, trading at $5.33/$5.35 versus New York's $5.32/$5.35 while platinum was down 50 cents at $369.50/$371.50. Palladium was barely up at $287.00/$297.00 versus new York's $286.75/$296.75 close. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited.