4:55p ET Wednesday, August 15, 2001 Dear Friend of GATA and Gold: Here's a CBS MarketWatch story today quoting our friend John Mesrobian about the campaign to keep gold down. The more it gets out into the open, the less successful it will be. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * Metals issues climb; prices weaken By Myra P. Saefong www.CBS.MarketWatch.com August 15, 2001 NEW YORK (CBS.MW) -- The major metals stock indexes closed mainly higher Wednesday and gold futures prices weakened a bit following gains over the last five days. The strength in the euro against the U.S. dollar has provided support for gold, which is traded in dollars. The strength in the euro makes gold less expensive for traders who exchange their currencies to purchase the precious metal. Spot prices for gold in Europe revealed that there's "good interest just under the market which should keep it well supported," said Charles Nedoss, a gold analyst at Spike Trading.com. Over on the equities market, shares attempted to catch up with the recent gains in the futures prices. The Philadelphia Gold and Silver Index rose by 1.4 percent to 56.67. The CBOE Gold Index (GOX: news, chart, profile) also rose by 2 percent to stand at 41.19. The Amex Gold Bugs Index, which comprises mostly unhedged stocks, climbed 0.8 percent to 66.43. Among individual index components, Newmont Mining climbed by 62 cents to $21.06 and shares of Agnico-Eagle Mines tacked on 23 cents to stand at $9.38. Among the losers in the indexes, Anglogold eased by 8 cents to close at $8.18. Gold futures prices fell after posting gains for over a week, but closed above the $278-an-ounce level. Bullion banks are "trying hard to maintain a lid on gold's movement up," said John Mesrobian, president of Constantinople Advisors. However, "they shall fail in the end for they are significantly exposed to their derivative positions, dollar positions, and short gold positions and will be forced to cover as gold powers through and moves up." Gold for December delivery stood at $278.40 an ounce, down 70 cents on the Commodities Exchange division of the New York Mercantile Exchange. September silver fell 4.7 cents to $4.155 an ounce. The latest supply data from Comex wasn't available on its Web site Wednesday. By late Monday, gold inventories at Comex warehouses had fallen by 57,382 to 839,438 ounces. Silver supplies were flat at 102.7 million ounces. In other metals news, October platinum shed $10.10 to $431.40 an ounce and September palladium fell by $10.20 to $440 per ounce. Also, September copper shed 0.7 cent to 65.85 cents a pound. The London Metals Exchange pegged copper supplies at 673,150 metric tons as of early Wednesday, up 50 from a day earlier. -END- Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/