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

To: Mark Bartlett who wrote (18992)	9/15/1998 9:17:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116768

Well Russia defaulted..what would stop others....It is a mess....Gold over $1000?

To: Mark Bartlett who wrote (18992)	9/16/1998 8:39:00 AM
From: goldsnow	Respond to of 116768

Gold quiet in Europe, awaiting Greenspan 06:18 a.m. Sep 16, 1998 Eastern LONDON, Sept 16 (Reuters) - Gold held steady in European trade on Wednesday, tracking the U.S. dollar and moving in a narrow range awaiting U.S. Federal Reserve Chairman Alan Greenspan's testimony later in the day, dealers said. Gold was last quoted at $289.00/$289.50 an ounce, $0.50 off from the previous New York close at $289.70/$290.20. Dealers and analysts said testimonies by Greenspan and U.S. Treasury Secretary Robert Rubin before the House Banking Committee at 1700 GMT will be the focus for most financial markets on Wednesday. ''All eyes will be on Greenspan and gold is going to look at that as well,'' one dealer said. Dealers said gold looked set to test the $288.00 level but expected the yellow metal to trade in a narrow range after bullion failed to hold onto its gains in New York trading on Tuesday. ''We expect gold to test $288.00 today and we should see some support there, with $283.00 the next level after that,'' another dealer said. But analysts said the calm in the gold market was disquieting. ''The quietness is disquieting, if only because it fails to reflect world conditions. U.S. dollar weakness is likely to continue, given the cloud over U.S. President Clinton and the fear that Latin America's troubles will begin to affect the US economy. ''In addition, the political and economic problems Russia faces and the ongoing Asian crisis are still very much in force. With all these factors in play, the precious metals markets are likely to be volatile,'' NM Rothschilds & Sons analyst Helen McCaffrey said. Dealers said with recent sales from the Luxembourg and Czech Republic's Central Banks, the only thing that would help the gold market at present was flight to quality buying. ''This could well support the market in the short-term, however in the medium term it seems less and less likely that gold is going to be able to sustain a bull move,'' brokers GNI said in a report. Silver remained stuck in its recent range and was last quoted at $4.94/$4.97 an ounce against the previous New York close at $4.95/$4.98. Dealers said the metal continued to track gold while it was targeting the $4.70 level. Platinum Group Metals (PGMs) continued to be quiet. Platinum was last quoted at $364.00/$366.00 from the previous New York close at $366.60/$368.60 and palladium quoted just higher at $287.00/$292.00 against the $285.00/$290.00 close. ((Marius Bosch, London newsroom +44 171 542 8065, fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited. All rights reserved.