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

To: Gabriela Neri who wrote (19022)	9/16/1998 11:26:00 AM
From: Don Green	Respond to of 116955

Master of the Obvious MARKET UPDATE (9/16/98 AM): Gold continued to weaken this morning with analysts saying that support should come in at the $288 level and if not there, $283 appeared to be the next possible support level. The dollar was strong in New York as the markets opened on the prevailing attitude that not much would come from the Greenspan testimony this afternoon. We will withhold judgment on that simply because Greenspan tends to stay the course once he makes up his mind, and we do not think that his hint at rate cuts was meant as an idle comment. One trader for N.M. Rothschilde said it best in this morning's gold report from London (Reuters): "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 U.S. 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." That about says it.