Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: long-gone who wrote (24112)	12/11/1998 1:24:00 PM
From: goldsnow	Respond to of 116972

Precious metals tumble in late European trade 11:42 a.m. Dec 11, 1998 Eastern By Marius Bosch LONDON, Dec 11 (Reuters) - Gold and the rest of the precious metals complex fell sharply in late European trading after sell stops were triggered in early New York business, dealers said. Gold was fixed $3.50 lower in the afternoon at $290.80 a troy ounce, while spot gold also moved sharply down. It was last quoted at $291.10/$291.60 an ounce against Thursday's New York close at 294.00/$294.50. Dealers said gold was sold down soon after the New York trading session began, which saw sell stops triggered and the metal touch a session's low of $290.60. ''It fixed sharply lower, as soon as New York came in it went straight down but there is very good support at $290.50,'' one dealer said. Dealers said the gold market was long and the fall could be attributed to liquidation of long positions after bullion's short-covering rally earlier this week. New York traders said they saw good selling from bullion banks while funds executed sell stop orders below $294.00. London dealers said the volumes were not large but added that the fall came as a surprise. ''The currencies were not exactly at levels where you would expect selling of gold,'' another dealer said, adding that producers might have offloaded some gold. ''Possibly producer-wise, we have reached a point, where in a month they are not going to be able to do anything. So maybe they were looking to get it (sales) done before the year-end,'' the dealer said. The Platinum Group Metals (PGMs) tumbled along with gold and silver despite being lifted this week by concern over Russian supplies of palladium and platinum in the first quarter of 1999. PGMs dealers said platinum and palladium gave up their recent gains in sympathy with gold and silver. ''Everything seems to have taken a bit of a dip. There seems to be a bit of a negative sentiment around at the moment,'' the dealer said. Industry sources said on Friday that Russia's Almaz export agency had bought a bundle of palladium call options at $300.00 strike price earlier this week and sold spot metal to pressure the price to stay below $300.00. Palladium had gained almost $30 by Thursday on news that major Russian producer Norilsk Nickel (NKEL.RTS) expected bureaucratic delays to interfere with export next year. Silver also moved lower on Friday and was last quoted lower at $4.77/$4.77, from the previous New York close at $4.80/$4.83. ((London newsroom +44 171 542 8065, fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited. All rights reserved