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

To: Mark Bartlett who wrote (22319)	10/27/1998 7:58:00 AM
From: cool	Read Replies (1) \| Respond to of 116753

B: KEYWORDS: $1 METAL COMMENTS $NF11PR N.Y. PRECIOUS METALS B: KEYWORDS: $1 METAL COMMENTS $NF11PR N.Y. PRECIOUS METALS CALLED TO OPEN STEADY TO HIGHER -- December gold called unchanged to 50 cents higher (revised from earlier call of 50 cents higher) -- December silver called 1 to 2 cents higher -- January platinum called $1 to $2 higher (revised from earlier call of $2 higher) -- December palladium called $2 to $4 higher (revised from earlier call of $4 higher) New York-Oct. 27-FWN--PRECIOUS METALS FUTURES ARE called to open steady to higher here this morning, based on trading overseas. Silver is trading higher in London activity today after a recovery in New York on Monday, reported Andy Smith, London-based commodities analyst with Mitsui. He did note, however, that there does not appear to be any particular reason behind this move and trade is "extremely quiet." "COMEX volumes in silver have been very, very thin this month," said Smith. "So on any move in those conditions, the temptation is always to make much more of them than is actually the case." Gold is up slightly in London, but appears to be stuck between a 50-day moving average that lies just above $290 and a 200-day moving average around $295. "Between the 50- and 200-day moving average, we're sort of in this no-man's land," commented Smith. While there is confusion in the market abou XX1A00 KEYWORDS: 1094 TABLE GRAIN CBT GRAIN DELIVERY TOTALS Chicago-Oct. 27-FWN--THE FOLLOWING ARE THE CBT GRAIN delivery totals: COMMODITY CONTRACT DELIVERY QUANTITY ASSIGNED LAST DAY -- MONTH DAY TODAY ASSIGNED ----------------------------------------------------------- Soymeal October 10/28/98 0 Lots 10/19/98 Soyoil October 10/28/98 0 Lots 10/21/98 ----------------------------------------------------------- Commodities in contracts or other units customary on Exchange. * end of story *

To: Mark Bartlett who wrote (22319)	10/28/1998 10:43:00 PM
From: Alex	Respond to of 116753

Greenspan's magic bullet won't keep bears at bay ------------------------------------------------------------------------ Larry Kase Madness. There is no other way to describe the giddy behavior in the Street during the past several days. The Greenspan Gang appears to be off-loading tons of excess speculation on the soon-to-be-needy-greedy who believe that a quarter point cut in the discount rate is a "magic bullet" that kills all bears in a fashion similar to the silver bullet capable of vanquishing werewolves. (Unfortunately, the werewolves became wise to the bullet gig centuries ago. Information from highly reliable sources clearly indicates that the wolves recently offered their secrets of survival to the bears: Simply retreat into the caves awaiting the end of the hunting season.) The Greenspan bailout may be one of the most unconscionable financial acts of the past quarter century. The Federal Reserve and, for that matter, the entire USA may have largely forfeited the right to preach the free market gospel. Rather than allowing imprudent lenders to suffer the averse consequences of their reckless behavior, Mr. Greenspan rewarded them. Ironically, the bailout comes just as Congress weighs proposed changes in the personal bankruptcy process. Indeed, on the Sunday following the first Fed Funds rate cut, the New York Times noted the reform sponsors' enthusiasm for changes designed to teach people a lesson in prudence. And just who are among these fans of fiscal restraint and bankruptcy reform? Why, major lending institutions, of course. This all brings us back to the universal truth about lending money: If you borrow $10,000 and cannot pay it back, you have a problem. If you borrow $10 million and cannot pay it back, the lender has a problem. And now we are watching the corollary of that universal truth: If you lend $10,000 and cannot collect, you lose. If investment bankers and major banks lend $10 billion and cannot collect, the Federal Reserve pays back the loan. The Greenspan bailout does not correct any of the structural problems nagging the global economy. The speculative capacity and investment excesses have not been purged. Mr. Greenspan merely glued a cheap patch on a bad tire. And patches do not hold indefinitely. When the tire blows out again, it invariably will do so unexpectedly and at the most inopportune time. During the past several days, the Street riders are picking up speed again. It is unlikely that the equipment they are riding can safely handle the speed. © 1998, Orlando Business Journal amcity.com