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To: Enigma who wrote (32629)	4/27/1999 1:54:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116758

the XAU also reflects this kitco.com I believe there was some level of backwardation today in the silver futures contracts.

To: Enigma who wrote (32629)	4/27/1999 3:10:00 PM
From: Alex	Respond to of 116758

Closing N.Y. Metals: Firmer; Gold Recovers on Short Covering <Picture> New York-April 27-FWN--Gold futures recovered to finish with a modest gain here today after the lack of follow- through selling on a morning dip due to U.S. and Japanese comments about International Monetary Fund (IMF) gold sales, sources here said. The rest of the complex also finished with gains. June gold earlier today traded down to $281.60 after U.S. Treasury Secretary Robert Rubin and Japanese Finance Minister Kiichi Miyazawa both favored IMF gold sales--to provide debt relief to poor countries--of around 10 million ounces. This echoed the view from the U.K. Treasury Monday, which was around the higher end of market expectations. However, the June gold contract later rebounded and settled with a 90-cent gain for the day at $283.50. "We didn't get much under yesterday's low ($281.70) following comments by the Japanese finance minister and Rubin," said Dave Rinehimer, head of futures research with Salomon Smith Barney. "The lack of follow-through to that news may have triggered some short covering and kept the market relatively steady." Patrick Magilligan, vice president with Prudential Securities, commented that gold's recovery also may have been helped by the lack of further news or decisions on IMF sales at IMF meetings occurring in Washington today. "The meeting occurred, but there weren't any details given as far as what exactly they will be doing, and that enabled it to bounce a bit," said Magilligan. "But it (IMF sales) will probably be an overhang on gold, because we know it will be done eventually." Rinehimer put support for June gold at $280, while resistance was listed at $286. May silver rose 8.3 cents to $5.1830, while the July contract added 7.8 cents to $5.1960. The market rebounded after a lower finish on Monday and slight weakness early in today's session. "We were able to hold above yesterday's low at $5.07 (basis July) and we didn't see any further downside," said Rinehimer. "I think that brought some buying interest into the market." Rinehimer noted this has occurred against a background of declining COMEX warehouse stocks of silver lately. He added that silver had weakened with gold on Monday, and gold's rebound also lent some stability to silver futures. Magilligan commented that some light fund buying appeared to be occurring as the silver futures gradually climbed over a few-hour period. Support for July silver was put by Rinehimer at $5.07, while resistance was pegged at $5.23. More to follow... (c) Copyright 1999 FWN futuresource.com