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

To: goldsnow who wrote (14729)	7/20/1998 7:03:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 116762

market ignoring prospect of more Russian exports: Updated Mon Jul 20 16:12 ET NY Precious Metals Review: Sep silver hits 2 1/2-week high By Melanie Lovatt, Bridge News New York--Jly 20--COMEX Sep silver futures gapped higher and then climbed throughout the day to settle up 9.7c at $5.47 per ounce after hitting a 2 1/2 week high of $5.475. Traders said that the jump was primarily technical and was made as silver pushed above buy-stops. Gold activity was similar to that of silver, while platinum and palladium fell back on profit-taking after big price jumps last week. News that Russian president Boris Yeltsin signed a decree allowing the export of raw materials containing precious metals by domestic organizations was also received as bearish. * * * Silver climbed on "short-covering...They were fishing for some stops," said one trader. He noted that silver had climbed Friday and was extending its jump, but said volume was thin and activity relatively subdued. Aug gold also rallied, hitting a 12-day high of $296.90 per ounce, in an extension of last week's short-covering. "The only thing of interest was the last 20 minutes when some trade buying caught the funds short," said one trader. COMEX prices were pushed higher as spot gold broke above $295 resistance, said traders, pegging the next resistance level for spot at $297. One trader noted that with only 10 days left on the Aug contract, it would probably climb higher as a whole slew of fund shorts proceeded to cover. "They will probably cover...They won't roll over," he predicted. Data from the Commodity Futures Trading Commission Friday showed that as of Jly 14, there were 44,177 short non-commercial contracts of 100-troy ounces compared with 6,518 long non-commercial contracts. The market was nonplused by news today that Russia banks had bought 80 tonnes of gold from domestic producers, with 50 tonnes of this earmarked for export. Platinum and palladium futures prices slipped today, both succumbing to profit-taking after last week's price runup, and bearish news out of Russia, said traders. Oct platinum settled down $5.40 at $393.60 per ounce and Sep palladium settled down $1.20 at $337.05 per ounce. Russia's Yeltsin signed a decree allowing the export of raw materials containing precious metals this by domestic organizations, the Kremlin press service said today. The decree said the decision is aimed at "stabilizing the Russian metals industry." The decree said exports will be permitted "to organizations within the volumes stated in an addendum," which was not released. Also, the Central Bank of Russia (CBR) said it had started talks with unspecified Western banks over plans to back commercial loans with palladium. The Russian press reported that the Central Bank wanted to deposit some 200 tonnes of palladium with Western banks against loans of $1.8 billion. Also, the (CBR) said it will not buy any platinum or palladium this year. Head of the bank's precious metals department, Sergei Kyshtymov said that a mistake had been made in 1996 when the bank bought large stocks of these metals. Russia liberalized its gold and silver market last year while platinum and palladium are restricted. Sales of the metals are permitted only by special decrees by the president and government within quotas defined each year. Traders were unsure what to make of the latest news. "We'll have to see whether this is ultimately bullish or bearish...So often with Russia it's unclear," said one trader. "It's difficult to call..Any news seems to be a contradiction," he said. Another market observer noted that some of the Russia shipments of palladium had already started to trickle into the US, so he was unsure what the latest decree-signing would imply. "Whether this means they will finally export to Japan remains to be seen," he said. On Friday Oct platinum had edged up to a 3-month high of $404, while on Thursday Sep palladium hit a 2-month high of $344. Traders said that platinum and palladium had both been pushed higher on fund short-covering and fresh buying last week. They noted that the decision last Tuesday by the Central Bank of Russia to use palladium as collateral for loans during times of emergency was initially received as bullish, helping prices to rally. However, some traders continue to maintain it is ultimately bearish, suggesting that Russia could default on its loans, thus releasing palladium onto the open market. SETTLEMENT PRICES --Aug gold (GCQ8) at $296.70, up $1.60; RANGE: 296.9-295.2 --Sep silver (SIU8) at $5.47, up 9.7c; RANGE: 5.475-5.410 --Oct platinum (PLV8) at $393.6, dn $5.4; RANGE: 399.0-393.5 --Sep palladium (PAU8) at $337.05, dn $1.2; RANGE: 346.0-320.63 SPOT PRECIOUS METALS PRICES: Late New York London Late Tokyo Gold (KRCGL) 295.60-296.10 294.30-295.00 293.90-294.20 Silver (KRCSL) 5.45-5.48 5.39-5.43 5.32-5.55 Platinum (KRCPL) 393.00-395.00 395.00-397.00 395.00-397.00 Palladium (KRCPA) 338.00-348.00 337.00-347.00 338.00-348.00 End

To: goldsnow who wrote (14729)	7/20/1998 7:09:00 PM
From: James R. Barrett	Respond to of 116762

Thanks for the info goldsnow. Gold mining stocks is what I own. The only gold I own is a chain around my neck that I sometimes would like to use to hang myself with when I start thinking about how much my mining stocks have gone down since I bought them in early 1997. Jim

To: goldsnow who wrote (14729)	7/21/1998 1:46:00 AM
From: cAPSLOCK	Respond to of 116762

Not so. If you sold it for twenty and it went up by another fifty...:) However, If you cannot swallow a little 'what if' every now and then, you will never hold on to the money you make... I bought SUNW at 29, and sold it at 45 to watch it top 50 this week. i coulda made five bucks on paper, but I have 16 in my pocket to do with as I please... even buy some gold with it. I'll settle for buy low sell high, instead of pick bottom, and wait for the next bottom... cAPS