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

To: CIMA who wrote (22588)	11/4/1998 8:59:00 PM
From: Yiota	Read Replies (2) \| Respond to of 116972

N.Y. Precious Metals Mixed Late;Gold Up As Stocks Pare Gains NEW YORK (Dow Jones)--Precious metals futures traded mixed late Friday, with gold higher because of the loss of earlier gains in the U.S. stock market, traders said. (Prices in dollars per Troy Ounce.) Wednesday Chng On Wednesday Leading 2010 GMT Late NY Range Comex/Nymex Gold 290.95 +2.00 290.70-291.20 291.80(Dec) Silver 4.955 -0.005 4.94-4.97 4.942(Dec) Plat 343.00 +2.00 342.00-344.00 346.60(Jan) Pall 272.50 -0.50 270.00-275.00 275.00(Dec) Gold futures moved higher because of "a little short-covering" by speculators, said George Gero, senior vice president, investment, with Prudential Securities in New York. He noted, however, that the buyers of futures were motivated by the loss of early gains in the Dow Jones Industrial Average. The DJIA moved up nearly 150 points Wednesday to a new high since early August this year, but then had given back nearly three-quarters of that gain as of 2015 GMT. Gero said that the pullback of the DJIA brought in short covering by traders who expected portfolio hedgers to buy gold to protect against falling stocks. "The higher stock market was fading as the (gold) buyers came in" to the market, he said. He said that some speculators bought because they feel that the market isn't threatened by central bank gold sales, which typically dry up near the end of the year as the banks "close their books" in preparation for a new year. Gero said that nearby silver was dull because it failed to rally to test technical resistance around $5.150 per ounce. There is little fundamental direction to the market presently, he said, and "people keep watching chart points for lack of other news." There was "some short covering" in platinum and palladium futures because some buyers feel that the chances for Russian sales of those metals is dwindling as the year comes to an end, he said. Analysts have said that Russia, the world largest producer of palladium and the world second-largest producer of platinum behind South Africa, has sold very little metal this year because of governmental chaos involving its state-owned export agency. The amount that may have been sold can only be guessed at, however, they said. -By Stephen Cox; 201-938-2018; stephen.cox@cor.dowjones.com (END) DOW JONES NEWS 11-04-98 03:44 PM