SOUTH CHINA MORNING POST: "Gold finds feet after Y2K fallout"

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Saturday, January 8, 2000

PRECIOUS METALS

Gold finds feet after Y2K fallout
REUTERS

Gold in Europe yesterday showed it had the potential to break above its earlier range before the end of the day. "At the moment we're trading a range between US$278 and $282 but we could go above that on short covering before the weekend," a dealer said.

Gold fixed at $282 an ounce in London yesterday morning, against $280.35 on Thursday afternoon.

Spot gold was at $281.75-$282.25, against the New York close at $281-$281.70 on Thursday.

"The pressure on gold earlier in the week was coming from positions, taken out as insurance against millennium problems, being unwound, it wasn't indicative of a longer-term trend," a dealer said.

Asian spot gold rose on physical buying and Japanese short covering.

Traders said the yellow metal was likely to move between $279 and $283 in the medium term.

"In the morning session we saw light physical buying, and in the afternoon there was short covering from Japan as Tocom closed," a trader said.

Hong Kong spot gold yesterday finished at US$282.50-$283 an ounce.

Tael gold climbed HK$18 to close at $2,624.

[ENDS]

-- John Whitley (jwhitley@inforamp.net), January 07, 2000

Answers

As far as I'm concerned we have a major bottom in gold. I keep buying as much as I can. Also makes for an excellent door stop due to it's weight properties. Looks real nice when them gold bars are stacked up high on your window sills. I love gold and gold loves me too.

-- redman (redman@aol.com), January 07, 2000.

Major bottom?

Some analysts are predicting a rise in gold prices -- but nowhere near the $400 figure -- as the final leg before a collapse in gold prices.

Don't get so enamored of it that you forget to sell before it sinks.

-- rocky (rknolls@no.spam), January 08, 2000.


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