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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor ---------------------~--> <FONT COLOR="#000099">Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar. Now with Pop-Up Blocker. Get it for free! </FONT><A HREF="http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> ---------------------------------------------------------------------~->Gold futures close up more than $7; Metals futures rally; mining indexes at multi-week highs By Myra P. Saefong CBS.MarketWatch.com May 19, 2004 http://www.marketwatch.com/news/yhoo/story.asp? source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7B161E9398%2D03BF%2D4D7C% 2D9D8F%2D3A44BDF69125%7D Gold futures logged a gain of more than $7 an ounce Wednesday, closing at their highest level in nearly two weeks as a 5 percent pullback in prices over t he past month and fresh weakness in the U.S. dollar rekindled investor interest. "Dollar weakness, inflation fears from higher energy costs, and reports that the economies around the globe, such as Japan, are expanding are all supportive for the precious metal," said John Person, editor of The Bottom Line newsletter. Gold for June delivery climbed $7.10 to close at $383 an ounce, after touching a high of $383.50 on the New York Mercantile Exchange. Prices haven't closed this high since May 6. A month ago, the benchmark Nymex contract traded above $401. "Investors are looking at gold as a flight to true quality and are looking for bargains now," said Kevin Kerr, editor of Kwest Market Edge. >From here, Kerr expects the precious metal to see "periodic profit taking" followed by "a move higher on steady buying -- just as a healthy bull market does." Brien Lundin, editor of Gold Newsletter, believes the gold market is "seeing a battle between short- and long-term investors." "The hedge funds and other speculators dominate the price of physical gold, and right now they are making hair-trigger, reflexive decisions based purely on the prospects for higher interest rates," he said. In foreign-exchange action, the yen gained against the dollar and the euro after Japanese stocks climbed 2.5 percent, increasing demand for Japan's currency. "The U.S. dollar is completing its bear market rally and is going much lower," predicted Peter Grandich, editor of The Grandich Letter. "Throw in bullish inflation and geopolitical factors and gold is now set to resume its climb back over $400 and eventually to $500," he said. Meanwhile, reports that Japan's economy is showing signs of strength "may encourage Asian bullion purchases," said The Bottom Line's Person. "This is one more catalyst that is helping the bullish argument." And "seasonal traders also realize gold has a tendency to rally in May," so the market has shown strong support at the $370 to $375 level, he said. Person also notes that gold prices have fallen nearly $60 from the $433 peak seen on April 1, retreating all the way to a recent low of $371.30 on May 10. "Thoughts are, if the Fed does not raise rates as aggressively as perceived, then this is a good value point for investors," he said. Elsewhere in metals futures trading, July copper closed up 4.3 cents to $1.1965 per pound. July silver tacked on 24.7 cents to close at $5.927 an ounce. July platinum rose by $5.30 to end at $805.30 an ounce and June palladium tacked on $5.30 to close at $245.50 an ounce. As of late Tuesday, copper supplies were down 2,071 short tons at 146,556 short tons, according to Nymex. Silver stocks were up 154,656 troy ounces at 120.4 million troy ounces. Gold inventories stood at 4.33 million troy ounces, up 56,030 troy ounces from the previous day. Strength in metals futures lifted metals mining shares and sent key indexes for the sector to their highest levels in as much as three weeks. "The bottom line is that gold stock investors feel that if we are not at the bottom for this gold-price correction, then we are near it," said Gold Newsletter's Lundin. Tracking the sector as whole, the Philadelphia Gold and Silver Index rose by 1.8 percent to close at 84.49 and the Amex Gold Bugs Index climbed 1.7 percent to end at 186.39. The two indexes haven't closed at levels this high in two weeks. The CBOE Gold Index also tacked on 2 percent to close at 74.87. It's the highest closing level for the index since late April. Among the biggest index-component gainers, shares of Freeport-McMoRan Copper & Gold climbed nearly 4 percent. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com� http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin,� President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 � and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[EMAIL PROTECTED]/ <A HREF="http://www.mail-archive.com/[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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