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Mix-Ansicht- COMEX gold shrinks from highs as dlr, Dow rally - Ecki1, 14.05.2002, 13:29
COMEX gold shrinks from highs as dlr, Dow rally
<tr><td align="left" colspan="2">COMEX gold shrinks from highs as dlr, Dow rally</td></tr>
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<td align="left" colspan="2">Updated Mon 5/13/2002 14:08 EST</TD>
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NEW YORK, May 13 (Reuters) - COMEX gold eased slightly but
stayed near two-year highs Monday as the U.S. dollar and stock
market showed strength but not enough to dull bullion's shine
as a secure alternative investment.
Silver futures took a harder tumble, with the market
whipsawed by two-way trade in the forward markets.
June gold <0#GC:> ended off 40 cents at $310.90 an ounce,
trading $309.50 to $312, consolidating under the 22-month highs
set last week at $314.50.
Spot gold <XAU=> changed hands at $310.40/90, down somewhat
from $310.80/311.30 late Friday. London's afternoon fix was
down slightly at $310.75 an ounce.
The Dow Jones industrial average was up 126 points in mid
afternoon trade, while dollar firmness against the euro eroded
the commodities buying power of European investors.
"As long as the Dow remains healthy and the dollar is on
the healthy side too, we'll be working contrary to both of
those," said a COMEX precious metals broker..
A weak dollar and nervousness on Wall Street about Enron,
the U.S. recovery and the Middle East were among the main
reasons for the bull market in the gold sector this year.
But now there is concern that the pace of buying has
dropped off while the market digests the biggest speculative
long position in nearly seven years.
The CFTC Commitments of Traders report released late Friday
showed that net noncommercial long positions contracted
slightly to 44,435 contracts as of last Tuesday, from last
week's 46,067 contracts -- the most extreme speculative long
since July 1996.
"Gold is not impressing anyone with dynamic upward momentum
and this warns that an intermediate-term turn in the market may
not be all that far off," wrote IFR/Pegasus analyst Timothy
Evans in a commentary.
"A break of the $307.10 low from May 2 would establish an
interim top at $314.50," he wrote.
July silver <0#SI:> fell 6.3 cents to $4.607 an ounce,
traveling between $4.71 and $4.59 an ounce. Spot silver <XAG=>
was last quoted $4.60/62, off from $4.66/68 late Friday. It was
fixed at $4.69 in London.
"Silver has been pretty volatile this morning," said a
bullion dealer."Things are starting to get tight on the
forwards. We were up around $4.70 and a little lending came in
and we dropped 10 cents."
Borrowing has lifted silver lease rates above U.S. Libor
rates in recent days. Short-term forwards closed around flat
Monday, having moved back to the right from a discount in the
morning of roughly 0.7 percent.
NYMEX July platinum <0#PL:> rose $4.50 to $525.30 an ounce.
Spot platinum <XPT=> was quoted higher at $527/534. Supporting
prices was a bullish 2002 outlook from Johnson Matthey.
The refiner said in its Platinum 2002 review that it saw
prices trading $480-$580 in the next six months, based on
strong European autocatalyst and Chinese jewelry demand and the
search for alternatives to sister autocatalyst palladium.
"Everybody read this switching over from palladium to
platinum as a bullish thing," said the bullion dealer.
June palladium <0#PA:> went down $4.90 to $349.10 an ounce.
Spot palladium <XPD=> was last quoted at $344/359.
Johnson Matthey said demand for palladium fell 25 percent
in 2001 because of weak electronics and automotive demand and
high metals inventories.
"They were pretty negative on the palladium outlook and
even the range they had was $250-$400," said the dealer.
"People look at that and say 'Oh wow. Only $50 on the upside
and $100 on the downside. I'll be short.'"
((Alden Bentley, New York Commodity Desk, 646 223 6041,
nyc.commods.newsroom@reuters.com))
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nN13537838
GOL/X GO
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