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.

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

To: goldsnow who wrote (19812)	9/25/1998 11:09:00 PM
From: Giraffe	Read Replies (3) \| Respond to of 116757

Dollar fall aids gold price gains By Paul Solman Gold prices jumped to a four-month high in London on Friday as equities weakened. The afternoon "fix" was $298.10 an ounce against the morning's level of $296.35 and Thursday afternoon's $292.70. Gold has strengthened in the past few days, with analysts attributing the gains to a weaker dollar, signs of a US rate cut, uncertainty in the equity markets and the problems of Long-Term Capital Management. In its Mining Snippets report, Flemings Global Mining Group said: "Sentiment is looking distinctly friendlier. The theme is a hedge fund short of gold and having to cover its position in a hurry." Cocoa futures dropped below £1,000 a tonne for the second time in two weeks to end at a 14-month low on the London International Financial Futures and Options Exchange. Traders cited fears of falling consumption in Russia. There were also reports that the 1998-99 crop in Ivory Coast, the largest producer, would be boosted by rains. At the close, the December contract was £1,001 a tonne against £1,018 on Thursday. Robusta coffee, meanwhile, rose slightly on thin volumes, the most active November contract ending up $5 at $1,637 a tonne. World oil prices rose slightly on the back of concerns that Hurricane Georges would disrupt production in the Gulf of Mexico. Amerada Hess, the US oil company, shut its refinery in the US Virgin Islands earlier this week after having received minor damage. In late trading on London's International Petroleum Exchange, the benchmark November contract for Brent blend was $14.60 a barrel compared with Thursday's close of $14.68. Crude has looked stronger in the past 10 days, with some analysts suggesting market sentiment has turned more positive, partly on forecasts for an unusually cold winter in the northern hemisphere. On the London Metal Exchange, three-month copper rose to $1,665.50 a tonne against Thursday's close of $1,650. Nickel was up $5 at $4,140 a tonne, while zinc slipped down $8 to $1,000 a tonne.