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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Coz who wrote (11632)	4/27/1999 12:21:00 AM
From: Handshake™	Respond to of 25548

Monday April 26, 4:50 pm Eastern Time Gold mauled after U.S. funds turn bearish again By Alden Bentley NEW YORK, April 26 (Reuters) - Gold prices tumbled in New York Monday amid stop-loss sales and fresh speculator pessimism after exchange data late Friday showed an overwhelming short position had been pared from two weeks ago, dealers said. The shakeout ended a short-covering spree, which had pushed gold futures up to $287 on the floor of the COMEX division of the New York Mercantile Exchange six days ago. Selling of the June gold contract dismantled technical support at $284.20. It fell to $281.70 before bouncing to $282.50 by mid-afternoon, versus Friday's close of $284.90. ''People were looking at the fact that that was an all-time record (short speculative position) the previous two weeks and felt that there would be a good deal of covering, and there wasn't,'' said George Milling-Stanley, manager of gold market analysis at the World Gold Council, an industry trade group. ''So I think there has been some fresh enthusiasm today for more shorts,'' he said. On Friday, the Commodity Futures Trading Commission issued its biweekly Commitments of Traders report, which showed shorts by non-commercial players, such as funds, had fallen 7,281 contracts to 85,765 in the two weeks to April 20. Longs rose slightly to 12,075 lots, leaving a net short position by these speculative funds of 73,690, a 19 percent decline from the whopping 91,690-lot short postion in the last CFTC report. ''I think we saw enough shorts today that (the speculative short position) is right back to where it was last time,'' said one floor trader. ''I think it was technical; I think we just ran stops.'' The New York move came as a jolt after sideways morning trade in Europe, where dealers ignored weekend news that Britain would push for International Monetary Fund gold sales of 10 million ounces, the top end of market estimates. Spot bullion at 1453 EDT was quoted at $281.00/50, compared with the late London fix at $281.50 and Friday's New York close at $283.30/80. Joseph Rosta, research director at CPM Group, said his technical and fundamental analysis did not support the renewed bearishness. He forecast the price will bottom between $278 and $280 an ounce, near the $279.10 May contract low set April 3. Rosta said Monday's gold sellers will be quick to buy back at a loss, if the contract breaks over the $286-$288 level. ''The physical market is very tight. There is no net flow of central bank gold into the market this year, from what we can piece together,'' he said. ''The margin for error is very narrow here.'' --------------------------------------------------------------------------------

To: Coz who wrote (11632)	4/27/1999 12:24:00 AM
From: Handshake™	Read Replies (1) \| Respond to of 25548

Coz, you are right on it....People need to turn off the tape when we haul ass the tug of war will be a sight to see and the MM tactics will not disappear. Set your sights on something rather spectacular, if all phases hit at the right time..holy sh*t BATMAN! :-)