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

To: Bobby Yellin who wrote (16975)	8/30/1998 10:57:00 AM
From: Giraffe	Respond to of 116816

Financial Times: Gold price goes into 'free fall' By Paul Solman Commodity prices followed equities, bonds and currencies downwards this week as markets reacted to the Russia's worsening financial crisis. Gold was "fixed" in London at an 18-year low of $278.50 an ounce mid-week, on suspicions that Russia increasingly uses its reserves in swaps deals. The precious metal was further hit by the falling currencies of Australia, South Africa and Canada, and yesterday afternoon's fix was $273.40 an ounce, the lowest for 19 years. "When it broke $277 it basically went into free fall," Alan Williamson of Deutsche Mining Group told Reuters. "There's nothing on the charts now to present any sort of support." World oil prices fell closer to $12 as some analysts feared that Russia would try to buy its way out of crisis by exporting more oil, adding to the glut that has already slashed prices. On London's International Petroleum Exchange, benchmark Brent blend for October delivery closed at $12.28 a barrel on Thursday, but recovered some ground yesterday and stood at $12.31 towards the end of trading. The Russian crisis proved less of a problem for base metals, with most of them holding their price and even making small gains during the week. However, analysts pointed out that base metals prices had already fallen sharply this year, with copper and nickel both hitting 12-year lows and aluminium reaching a four-year low in the past few months. Yesterday, three-month copper on the London Metal Exchange was $1,617 a tonne at the kerb, down $14, despite rising earlier in reaction to mounting tightness in the market. Nickel finished the week $40 higher at $4,120 a tonne, while aluminium was $1,362 a tonne, up $23. Cocoa reacted to yesterday's fall in sterling, with the December contract on the London International Financial Futures and Options Exchange, closing at œ1,070 a tonne, down $2. Coffee ended the week mixed, the November contract up $5 at $1,630 a tonne. London commodity markets will be closed on Monday for a public holiday.

To: Bobby Yellin who wrote (16975)	8/30/1998 1:47:00 PM
From: PaulM	Read Replies (1) \| Respond to of 116816

IMF Losing It when the IMF "publicly berates Helmut Kohl...because Kohl didn't dump more money into the hands of Russian gangsters" nypostonline.com