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

To: Zardoz who wrote (32859)	4/29/1999 4:38:00 PM
From: goldsnow	Respond to of 116753

Sorry Hutch, I missed it...295? If Amazon drops another $25 perhaps higher?

To: Zardoz who wrote (32859)	4/29/1999 4:51:00 PM
From: Gord Bolton	Respond to of 116753

Aside from all of the comments about supply and demand-people buy gold because it is going up and they expect that it will go up more. When gold moves up-Shorty has to cover by buying gold along with everyone else who suddenly thinks they better grab some before it goes up some more. When it is going up it is in demand because it is in demand.

To: Zardoz who wrote (32859)	4/29/1999 5:41:00 PM
From: sea_urchin	Respond to of 116753

Hutch, baby. Chill out and go with the flow. Now's the time to feel the beat and groove. Remember when I asked you about the XAU chart "if you didn't know it was the XAU", well that's the way to think --- imagine the XAU is Amazon.com --- last year! Pity about guree Tom --- he was a month late and so they skinned him alive!

To: Zardoz who wrote (32859)	4/29/1999 5:49:00 PM
From: Enigma	Read Replies (1) \| Respond to of 116753

Hutch - you appear to be getting a little anxious? You understand the mechanics of the underlying strategies well - but it seems to me that institutions do have a view on the direction of their investments and if the preponderence of like institutions is short and the price rises they, or many of them will cover, and, if they see the right signs, some will possibly take the long side of the market. You're asking everyone to do the sort of mental gymnastics which appeal to you (and Bobby? sorry!) but most of us don't have the inclination for it - or even the aptitude. dd

To: Zardoz who wrote (32859)	4/29/1999 6:23:00 PM
From: goldsnow	Respond to of 116753

Commodities-Copper, silver end higher, sugar rebounds 06:08 p.m Apr 29, 1999 Eastern NEW YORK, April 29 (Reuters) - Copper closed higher on Thursday on talk of some fresh demand from China which in turn sparked buying by speculators and commodity funds that carried over to silver and gold. Fund buyers -- large investors who speculate on commodity price outlooks -- were also active in many other markets on Thursday, giving gold, silver, coffee and sugar a lift. At the COMEX, copper for July delivery closed 1.65 cents a pound higher at 72.55 cents, a five-month high. The rally surprised many, with copper still hovering around 12-year lows amid slow world industrial demand and abundant supplies and stocks. ''I don't trust it,'' said James Steel, commodity analyst with Refco Inc. ''I think this rally may have given producers a new lease on life, in that they may think that this will save them from having to cut their production. ''But the fact remains, without 200,000 to 300,000 (metric) tons of production cuts, this market is bound to head back down to 60 cents,'' he said. ''I agree that China has been participating,'' Steel said. ''But I have to think that their buying will dry up if prices stay above 70 cents. And I wouldn't rule out the Chinese selling back into the market if the rally continues.'' Traders cited some hedge selling by copper producing countries during the day on Thursday, trimming the gains. Silver also spiked higher, with speculative buying cited in thin trading volume. July silver closed 14.7 cents an ounce higher at $5.413. ''Silver continues to do the same thing it has been doing,'' said trader Carlos Perez-Santalla at Hudson River Futures. ''It's technical buying and the fact that liquidity in silver has thinned out so much.'' Gold tagged along for the ride, shrugging off pressure from growing talk that the International Monetary Fund will eventually sell some of its bullion reserves to fund debt relief for poor nations. June gold closed $3.20 an ounce higher at $287.30. ''The improved prospects that the IMF will sell some of its gold reserves appears to be discounted,'' said David Rinehimer, director of commodities research at Salomon Smith Barney. Oil prices also closed higher, with crude oil again pushing to new 16-month highs. Markets continued to be buoyed by optimism that world oil producers will stick to pledges for cutbacks this year, and by reports of lower than expected oil and gasoline stocks in the United States last week. Crude oil for June delivery closed 8 cents higher at $18.53 a barrel, while June gasoline rose 1.33 cents to 55.22 cents a gallon and June heating oil rose 0.68 cent a gallon to 44.79 cents. Coffee prices also posted strong gains on Thursday, buoyed by commodity fund speculators. At the New York Board of Trade, coffee for May delivery closed 3.60 cents a pound higher at 104.00 cents. Traders said the rally appeared to be fuelled more by its own momentum than by any change in market fundamentals. World coffee supplies appear well in surplus, roasters are comfortable with stocks, and worries about supply disruptions from a 48-hour customs worker strike in Brazil were not a real market factor. The speculative buying by fund traders carried over even to sugar, which has set 13-year lows several days in a row. July sugar closed 0.34 cent a pound higher at 4.42 cents after falling below the 4-cent level on Wednesday. ''People were praying for some kind of a rebound here,'' said Arthur Stevenson, commodity analyst for Prudential Securities in New York. ((Peter Bohan, Chicago commodities desk(312)408-8720, chicago.commods.newsroom+reuters.com)) Copyright 1999 Reuters Limited.

To: Zardoz who wrote (32859)	4/29/1999 8:27:00 PM
From: goldsnow	Respond to of 116753

Gold rush: resources are back By Ian Howarth, Resources Editor Local and overseas institutions yesterday stampeded back into Australian resources stocks in a rush of portfolio reweighting as tentative signs of a commodity price recovery stimulate the mining and oil sectors. BHP, Rio Tinto and WMC led the way as the all resources, gold, metals, diversified resources and energy indices soared on a day when industrial, technology and the services sectors fell from favour. Energy stocks were less keenly sought because oil prices, which have surged to more than $US18.50 a barrel, are universally expected to fall as OPEC's discipline to adhere to production cuts wanes in the face of the higher prices. International reports suggesting that interest rates have bottomed appear to have convinced investors that a sea change in global markets is under way. A resources strategist with HSBC in London said last night that institutions now believed that rates could rise in coming months. That would be a major negative for industrial stocks so funds were looking for a new home with potential growth, the broker said. Resources stocks, buoyed by new signs that global prices have started to recover, became the obvious target for the weight of international money looking for a new home. The All Resources index jumped 28 points or 2.4 per cent yesterday while the Other Metals index rose 37 points, or 4 per cent. The Gold index moved up 9 points, just under 1 per cent, and the Diversified Resources index, which contains only a handful of stocks, rose 68 points, or 2.5 per cent. Overnight nickel prices surged to $US2.45 a pound from $US2.37 a pound on comment by Inco's managing director, Mr Michael Sopko, that while it remained committed to developing its massive Voisey's Bay deposit in Newfoundland, Canada, substantial problems remained. Inco recently restarted informal talks with Newfoundland officials about developing Voisey's Bay, but analysts now believe the project is several years from production. The world copper price also strengthened overnight, generating new interest in MIM. MIM said it expected to break even in the third quarter after losing $40 million in the first half. That sparked a rush in which its shares rose 7 to 84 and topped the local market turnover for the day. BHP shares rose 42 to $16.58, Rio climbed 62 to $25.79 and WMC shares staged another remarkable surge, rising 34 to close at $6.44. Gold for June delivery rose as high as $US284.90 an ounce in New York. afr.com.au