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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: Jay8088 who wrote (5264)	11/11/1998 8:50:00 AM
From: Lucretius	Read Replies (1) \| Respond to of 14427

Hey guys, I obviously don't have a clue what's going to happen today (my S-T calls have been abysmal of late), but i think there is a substantial chance of us exploding higher at the open and then letting the air out of the balloon later in the day. let's watch... let's be careful out there (G). -Lucretius ECB made some positive coments on gold... let's look for this trend to continue as CB's begin aquiring gold instead of selling it as currency turmoil increases. Wednesday November 11, 7:09 am Eastern Time Gold steady in Europe on ECB reserve report LONDON, Nov 11 (Reuters) - Gold held steady above $293.00 an ounce in early European trade, buoyed by a slightly weaker dollar and a newspaper report that the European Central Bank (ECB) might raise its gold reserves, dealers said on Wednesday. Gold was last quoted at $293.40/$293.90 a troy ounce, compared to Tuesday's close in New York at $293.20/$293.70. Bullion benefited from short-covering by funds in New York on fresh concern over Iraq after reports that the U.S. was considering military action after Baghdad refused to allow U.N. inspectors to conduct inspections. Dealers in London said gold was boosted by a report in the Wall Street Journal on Wednesday which said the European Central Bank planned to increase its gold and foreign exchange reserves next year by between 130 billion and 180 billion Ecus. The report said the increase would come from the national central banks and will be in addition to the 39.46 billion Ecus, the banks were due to hand over to the ECB at the start of European Monetary Union next year. The ECB's reserves would be 15 percent gold and the rest in foreign currencies but dealers said the Wall Street Journal report sent out mixed signals in saying a lower percentage of gold might be required when it demanded the additional reserves from the national central banks sometime next year. ''The article was a little bit bullish for gold but it is pretty much marginal stuff. If you do the maths, it is only a couple of million ounces of gold,'' one dealer said. Dealers said gold remained range-bound although the slightly weaker dollar failed to move gold much. The dollar was last at around 121.80 yen. ''Gold didn't come off at all which could indicate some underlying strength,'' another dealer said. Other dealers said gold might remain firm and head higher over the next couple of days before Friday's expiry of COMEX options, where most open interest was around the $300.00 level. Silver hovered around the $5.00 level and dealers said they expected the metal to remain at that level for some time.