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

To: IngotWeTrust who wrote (23666)	12/1/1998 8:56:00 AM
From: Enigma	Respond to of 116762

O49er - you are a cutey pie! E

To: IngotWeTrust who wrote (23666)	12/1/1998 3:58:00 PM
From: Alex	Read Replies (4) \| Respond to of 116762

12/01/98 - CLOSING N.Y. METAL COMMENTS: PART 2 <Picture> Meanwhile, January platinum slipped $3.20 to $352.10, while March palladium settled $1.65 lower at $271.65. "Platinum and palladium are still very, very quiet," Kaplan said. "There was a half-hour period in which the January platinum did not trade at all. That"s pretty amazing. That gives you an idea of how quiet things are." He and other sources did note that the market remains concerned about possible Russian spot sales just ahead of year-end, although apparently no such sales occurred today. On the technical front, Kaplan put resistance for February gold around $297. He put support around $290 to $291. For March silver, he put "very big" resistance at $5.20 and "excellent" support at around $4.82 to $4.80. In January platinum, $351 to $349 is seen as an important range on the downside, with another level at $345. Minor resistance is seen around $356.50, with major resistance at $364.50. The area from $270 to $265 should provide support for March palladium. Some resistance is anticipated around $280, with a stronger level envisioned around $310. As for gold, Kaplan noted that it appears Asian demand is picking up and added that he suspects this may be a long- term trend. Recent figures show that Japanese October imports totaled nearly 20 tons, up 262% from the previous month"s 5 1/2 tons and 145% higher than 8.1 tons from October 1997. "The gold market has been injured by the fact that people believe that demand for gold in the Far East would be diminished by the economic troubles that they faced," Kaplan said. While there was some dishoarding that hurt the yellow metal in the short term, the Asian economic problems also may have encouraged buying for the longer term, he added. When Asian currency, debt and equity markets nosedived, gold--in local currency terms--increased sharply. "So it protected their purchasing power," Kaplan said. "If gold is suddenly three or four times what you paid for it in your local currency and you need funds badly to repay debt, you"re going to sell it. "But over the longer term, you"ve seen the value of gold. So as they gain capital, I believe that you have created a generation of a billion people who are going to be buying physical gold whenever they have the funds to do so. I think you"re beginning to see that happen now."