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

To: long-gone who wrote (22554)	11/3/1998 6:44:00 PM
From: Don Green	Read Replies (2) \| Respond to of 116972

Gold prices fell to seven-week lows Tuesday as the U.S. dollar continued to recover from the lows seen last month, lessening the need for alternative assets. ===================================================================== "The dollar is firming, along with the stock market, while the bond market has been selling off in the past few days, suggesting confidence is returning and money is flowing back into equities and out of safe-haven assets like U.S. treasuries and gold," said Scott Mehlman, chief bullion dealer with Credit Lyonnais Rouse inNew York. ===================================================================== In the past two months gold prices have recovered from a 19-year low around $270.75 an ounce, but producer hedging and fears of deflation have seen the rally fizzle out, leaving funds to liquidate net long positions again. ===================================================================== Heavy buying of December $290 gold put options and delta hedging of the options by the grantors helped to push COMEX gold futures down below last week's low Monday, triggering stop loss orders by funds, traders said. But in the longer term the trends that have pushed gold prices lower in the past year are poised to reverse themselves, according to industry consultants CPM Group in New York. Did they say 19 year low? hmmm? Don Green (The Doom Slayer).