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

To: Mark Bartlett who wrote (26855)	1/23/1999 12:24:00 PM
From: PaulM	Respond to of 116814

Anemic U.S. Oil Industry ''To find oil in the United States is more expensive than to find it in various international markets, and so although international locations can survive with low oil prices, many U.S. producers cannot,'' he said. biz.yahoo.com P.S. I think this is a deliberate move on the part of the Saudis, who have decided to join the Euro-China-ME (plus maybe India-Malaysia) trading block, and drop out of the dollar block. What will cause the price of oil in the U.S. to rise is the coming dollar exchange rate, but since that will cause other costs to rise as well, I suspect the oil industry may be in for a rough ride for the foreseeable future. Look for the U.S. to involve itself in the ME some more. Maybe bomb Iraq again. Maybe some other destabilizing event to come soon. It's no coincidence that Bush, a U.S. oil man himself, initiated the gulf war back in 91, causing an initial rise to $40 a barrel. He also supported a U.N. resolution which to this day has limited Iraqi oil sales (Iraq has the second largest oil resrves). Viewed from that perspective, should be interesting to see what the players do. Like I said, I expect Oil industry subsidies. I think the mergers we are seeing--putting Standard Oil back together without a complaint form anyone--is similar to the banker's solution. Stronger fish eat weaker fish, until you have few enough fish that the govt can handle it.

To: Mark Bartlett who wrote (26855)	1/23/1999 6:07:00 PM
From: donald martin	Read Replies (2) \| Respond to of 116814

<<because it appears to no longer be a free market.>> As long as you and I are still free to buy or sell, I don't see what's stopping it from being a free market. <<a group is afforded the power to control/manipulate and thereby to define the rationalities or irrationalities that exist in the system.>> Would you say that labor unions manipulate wages? or that farmer co-ops manipulate milk prices? or that HMO's manipulate doctor's fees? In any given market, whether it's for gold, milk, or Super Bowl tickets, you can be sure that participants, ALL participants, will be angling to take positions that they think give them the best prospect for gain. That certain players are larger, and by virtue of their size have a greater impact on the market than me (and I presume you) doesn't necessarily make them manipulative. If you have a market where certain participants can have their behaviour changed by the acts, or perceive acts, of certain other participants, I don't call that a manipulated market. I call that a market with some fools in it. That gold is trading around US$287 right now offends a lot of people's sensibilities. So much so that a lot of people insist the market is "manipulated". Stop worrying about whether or not that market is manipulated or not. Are you FREE to buy or sell at these prices? Do you think a price of US$287 is ridiculously low? Then BUY some. Do you think a price of US$287 is ridiculously high? Then SELL some. Who's stopping you from doing either? You won't hear me griping with these prices; and if gold falls below US$225, well, I'll take it on the chin with a lot of stocks (ELD, GRE, BGO [I know, I know, I don't need to hear it] and BMG) but I'll just be buying more. Gold, even at US$225/oz, isn't manipulated. It's just cheap. But just because it's cheap (I NEVER thought it'd fall below $300 before) doesn't mean it's manipulated. Just means that I (and a lot of other people) was wrong.

To: Mark Bartlett who wrote (26855)	1/23/1999 8:27:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116814

Both of these reports can not be real: Gold softer on ECB bullion sale news, PGMs firm LONDON, Jan 19 (Reuters) - Gold edged slightly lower in late European trade on Monday on news from the European Central Bank (ECB) that one European national central bank had made a small gold sale in the past week. Gold was last quoted at $286.20/$286.70 a troy ounce from the previous London close at $286.70/$287.20. Dealers said gold briefly reacted to the news that one NCB had sold around nine million euros worth of gold which is about 36,400 ounces or 1.13 tonnes of gold. Traders said gold came off a little at the unexpected news but recovered later amid short-covering following the return of U.S. traders after the Martin Luther King Day holiday. "It did come off a little bit but is holding surprisingly well. What has happened over the last couple of weeks is that the funds have been on another sell spree, so the market is incredibly short. ''So anything negative like that will just bring in short-covering,'' one dealer said. He said in theory the news had to be bearish because it was unexpected and given that it was an European central bank which sold the gold. ''I am a bit surprised that it didn't react but it shows you how short the market really is,'' the dealer said. The ECB did not say in its regular weekly consolidated financial statement which bank has sold the gold. Silver fell lower and was last quoted at $5.08/$5.10 against the previous London close at $5.12/$5.15 a troy ounce. The platinum group metals ignored news from Russia that the country's 1999 PGM exports had started although dealers remained sceptical about the news. A source close to President Boris Yeltsin's government said the first shipments of Russian PGMs for this year have already reached the world market. ''The deliveries (of PGMs) have already started,'' the source told Reuters. ''The metal is already on the market,'' the source said, adding that only small quantities had been sold. He would not give further details. He added that Russian President Boris Yeltsin recently signed the decree setting PGM export quotas for 1999, which were later coordinated with the Trade Ministry. ''The quotas are roughly the same as in 1998,'' the source said. Analysts and dealers said they had heard that around 300 kilograms of PGMs had been sold into the market. ''We are a bit sceptical that it could be residual sales from last year,'' independent PGMs analyst Ross Norman said. Platinum was last quoted at $352.00.50/$354.50 an ounce compared to the $353.00/$355.00 close in London. Palladium was higher and last quoted at $320.00/$325.00 against the close at $314.00/$319.00. _________________ Frankfurt--Jan 19--European Central Bank President Wim Duisenberg said today that the fall in total gold reserve assets registered in the ECB weekly statements on Jan 15 compared with Jan 8 could be due to differences in accounting valuations. Speaking to journalists here on the sidelines of a reception Duisenberg also indicated that the 9 million euro drop in gold was not due to any central banks sales of gold on the open market. By Lita Olbrich, Bridge News, Story .12860 Is false reporting manipulation of the market?