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

To: banco$ who wrote (22034)	10/21/1998 1:19:00 AM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 116764

Japan buys support spot gold Asia Precious Metals Review Japan buys support spot gold 10/20/98 04:44 ET Tokyo--Oct 20--Buying from Japan at the US $296 levels supported the spot gold prices today, but a lack of follow-through buys kept the price from rising to $297 levels, dealers said. Long liquidation on the Tokyo Commodity Exchange depressed spot platinum and palladium in the afternoon, dealers said. Buying from Japanese traders pushed the gold price to the $296 levels from $295 levels in the late US trade, but the buying diminished when the price neared $297, dealers said. Dealers in Japan said a weak US dollar/Aus dollar prevented active selling from Australia, but that may change if spot gold prices rise above $300. The $300 level will become strong resistance for spot gold if the price fails to break through that level in the next couple of days, a dealer in Hong Kong said. Dealers in Hong Kong expect spot gold to move between $295 and $298 later today and if it falls below $295 it is expected to dive sharply, due to massive stop-loss selling at near that level. Physical demand for gold from China and India is expected to remain weak in the near term, which will add pressure on spot gold prices, they said. Light Japan buying supported spot silver near $4.90 today, while the buying interest disappeared above that level, dealers said. Spot silver moved between $4.85 and $4.92 today, they said. Dealers expect silver to range between $4.75 and $4.95 in the near term. Active selling on TOCOM, where heavy liquidation continued to hurt platinum futures, depressed spot platinum prices today, traders in Japan said. Hong Kong traders said buying of platinum and palladium was seen earlier from Japanese traders who then sold in the afternoon. "I believe spot platinum (is undervalued), but prices are likely to remain under pressure due to weak TOCOM platinum until liquidations on TOCOM end," said a dealer in Japan. Dealers expect TOCOM speculators to continue to stop-loss sales given that the speculators opened large long positions on TOCOM platinum futures in September when prices were 200-300 yen higher than the current levels. Nearby TOCOM Oct 98 platinum contract may tumble as Oct 27 expiration nears on liquidations by the speculators, traders in Japan said. In the spot market, a further fall in TOCOM platinum futures is likely to weigh on the price at around $330, they said. Weak platinum prices also may push down spot palladium prices to around $260 in the near term, they said. Spot precious metals prices are in US dlrs per ounce: Tokyo 0630 GMT Tokyo 0000 GMT Late New York Gold 296.00-296.50 296.20-296.70 295.90-296.40 Silver 4.84-4.87 4.87-4.90 4.88-4.91 Platinum 335.00-337.00 337.00-339.00 336.50-338.50 Palladium 269.00-274.00 272.00-277.00 276.00-281.00. Tokyo Commodity Exchange for Industry futures for Aug 1999 delivery. Prices in yen per gram, except silver in yen per 10 grams: Settlement Open Chg on previous day's close Gold 1085 1081 -2.0 Silver 175.3 174.5 -1.7 Platinum 1212 1216 -8.0 Palladium 929 940 -6.0 -- Hiroyuki Fujiwara and Polly Yam in Hong Kong, Bridge News

To: banco$ who wrote (22034)	10/21/1998 6:37:00 AM
From: long-gone	Respond to of 116764

banco$, I have no desire to plunder their currency, I don't even play the currency market, I just wonder if it would do any good. rh

To: banco$ who wrote (22034)	1/28/2000 8:59:00 AM
From: long-gone	Respond to of 116764

Thursday January 27, 9:36 pm Eastern Time Floating currency system to continue -ECB member NEW YORK, Jan 27 (Reuters) - Floating currency regimes remain the systems of choice, a top European central banker said on Thursday, even though foreign exchange rates may swing more wildly now that there are fewer currencies since 11 European nations adopted the euro last year. ``The floating regime is and will remain a good one and I don't think another one is coming along,' said Tommaso Padoa-Schioppa a member of the European Central Bank's policy making board at a luncheon. Padoa-Schioppa acknowledged that Europe's single currency left open the chance for more volatile foreign exchange markets, as there are now fewer currencies to act as a buffer in times of hectic trading. ``With three major currencies now, the interdependence may become more visible,' (cont) biz.yahoo.com