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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (1277)	8/27/1998 11:17:00 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 3339

Thanks.... I'd rather short than be in gold.... but have fun. Joel

To: bobby beara who wrote (1277)	8/28/1998 8:32:00 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 3339

I was wrong....it was the australians and canadians et al..... Friday August 28, 7:17 am Eastern Time Gold plunges to levels not seen since 1979 By Marius Bosch LONDON, Aug 28 (Reuters) - Gold dropped to values not seen in nearly two decades on Friday as fears of a global financial crisis spooked the bullion market and Australian producers sold metal for the second day, dealers said. Gold fixed at a 19-year low on Friday morning at $273.40 an ounce, the lowest since May 30, 1979 when it fixed at $272.60. Gold was last quoted at $274.00/$274.75 an ounce, off the day's lows at $270.50 against the New York close on Thursday at $286.50/$286.90. Analysts said gold was now in uncharted territory as comprehensive daily trading records only go back to the late 1970s. They said gold proved to be anything but a safe haven following the mauling taken by the world's stockmarkets in the wake of Russia's financial crisis. With currencies of producer countries such as Australia, South Africa and Canada sliding lower, the higher gold price in local currencies saw increased selling from miners. Dealers said gold suffered from a second day of selling from Australian producers, who sold off around five tonnes on Thursday. ''The Aussie dollar triggered some producer selling over the last couple of days which helped to push gold through these levels as well as all the all the other jitters around the world,'' one London dealer said. Dealers said they saw good support around the $271.50 level which should hold until trading began in New York later on Friday. Bullion was quoted briefly on the spot market at $270.50 in early European trading but recovered before the morning fix. Gold ignored a stronger yen -- seen as a benchmark for Asian gold demand -- and continued to drop overnight weighed down by the fading market confidence. ''The yen was improving all day yesterday, but the impetus on the gold to drop was so strong that this gave no help, and seems to have severed the link by and large,'' another bullion dealer in London said. Dealers said the gold forward market had gone haywire with volatilities for one-month metal jumping as much as 10 percent to 29 percent on Friday. ''Whilst all the other metals have not fallen too much further, the gold has, and the feeling in the market is that we could go a lot lower,'' a dealer said. Silver followed gold down. It was last quoted at $4.78/$4.81 from the previous close in New York at $4.87/$4.90. Analysts and dealers said they expected silver to continue down if the global financial crisis widened and industrial demand for silver, used widely in photographic film, electronics and jewellery, dropped further. Platinum-group-metals (PGM) also felt the crunch. Platinum was last quoted at $348.50/$350.50 an ounce from the close at $352.50/$354.50. Palladium was just lower at $270.00/$276.00 from the close at $270.15/$275.15. Independent PGM analyst Ross Norman said the white metals were likely to head lower. ''We continue with our view of lower before higher and think platinum will muster support around $345.00 while palladium has further to go, looking for $260.00 and possibly $240.00 if support fails,'' Norman said.