Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : IDCN - gold, garnet, etc. -- Ignore unavailable to you. Want to Upgrade?

To: David Sirk who wrote (2075)	9/1/1998 8:40:00 AM
From: WFHSR	Read Replies (1) \| Respond to of 5908

Good Morning.... Read the following: One of CNNFN Top Stories Gold gets technical boost Awaiting Dow's open, gold recovers on short covering, higher yen September 1, 1998: 8:15 a.m. ET Russian heat melts gold - Aug. 28, 1998 Gold hits 19-year low - Aug. 28, 1998 CNNfn commodities page CNNfn world markets page CNNfn currencies page LONDON (Reuters) - Gold staged a technical rally Tuesday morning, helped by a stronger Japanese yen and short covering. But dealers said the market remained tense, awaiting Wall Street's performance later in the day. Gold was last quoted at $277.70 an ounce, up from the previous New York at $275.30. Other precious metals followed gold higher, with silver trading at $4.72 an ounce against the metal's previous New York close of $4.66. Platinum also rose to $360 an ounce against a $356 New York close, while palladium rallied to $274 an ounce from the previous $271. Dealers said gold recovered on the back of short covering, mainly by investment funds, as well as from a higher yen, which hovered around the 137.45 yen to the U.S. dollar. But traders said the market remained on tenterhooks, waiting for direction from the U.S. equity markets and any news of Russia's financial crisis. "Everyone is licking their wounds after Friday," one dealer said. "People are going to hold back for a few days, (so) you should see a bit of consolidation." Still, analysts said they expected gold to move higher towards $282 an ounce -- or even $285 -- on sustained short covering. "We have seen some short covering taking place in the market here," one London-based precious-metals analyst said. "The size of short in the gold market is very large, and given the stresses being placed on many portfolio managers, there is a search by them to take profits in whatever markets are available." But in a written report, commodity brokerage GNI said that fundamentals would have little impact on most markets Tuesday. "Everyone is only interested in one thing -- what will happen to equities today," GNI said. Good Trading WFHSR