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demand for metals

Online Stock Market Trading by Philip White - UK Correspondent

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Stock Investing Course Gold hit a six month low of $386 over concerns that China would reduce its demand for metals under new rules that may be initiated to reduce bank lending.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our mining poll too!

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Stock Investing Game April 28, 2004 (AXcess News) Beijing China - Gold hit a six month low of $386 in New York over concerns that China would reduce its demand for metals under new rules that may be initiated to reduce bank lending.China's State Council issued guidelines for companies in the cement, steel and real-estate sectors, ordering companies in those sectors to lessen the amount of bank loans, and use more of their own money for new investments, the official Xinhua news agency reported. The move was made to curb over-investment in those sectors, the news agency said.

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Journal Prime Rate Street Wall Gold for June delivery fell as low as $384 an ounce on the New York Mercantile Exchange before closing at $385.90, down $13.20, or 3.3 percent. Prices haven't fallen this much in a single session since late January, and they haven't closed at a level this low since early November.

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Stock Market News The news from the Chinese government may have spooked investors, putting pressure on the metals market. While the dollar's recent strength may be more to blame, according to Laif Meidell Vice President with American Retirement Planners, a Reno-based financial service. "China gave approval to its citizens to be able to buy and own gold, so that was another reason people were thinking gold was a great play."

Stock Investing Basics "If you look at the dollar, its had the highest close since November of last year. That's a rather bullish short term move," said Meidell.

Stock Investing Software The dollar moved past a key level of 110 yen, to 110.05 yen from 109.39 on Tuesday while the Canadian dollar fell to C$1.3518 from C$1.3670. The euro was down at $1.1843 from $1.1940 while the dollar was up at Y109.80 from Y109.45, briefly hitting Y110 where traders reported good interest.

Stock Market Trading "People are betting on the long side of gold, so when it moves against them they have to cover those long positions and then that causes the market to accelerate in the direction its moving," said Meidell."Technical indicators show that the run up in stocks and gold price was rather climatic, so the market is overdue for a meaningful pull back in order to stage another rally," said Meidell.

Stock Investing For Dummy Gold stocks that have interests in China took the fall in today's closing gold price hard with Newmont Mining (NYSE: NEM) off $2.72 at $37.47, Southwestern Resources (TSX: SWG) off $3.24 at $30.96, Dynasty Gold (TSXV: DYG) off $0.06 at $0.76, Leyshon Resources (ASX: LRL) flat at $0.40 and Savoy Resources (OTCBB: SVYR) off $0.01 at $1.00.

Stock Market Crash In a recent story on China's gold mining industry Savoy had been featured for developing the first joint venture agreement with China's First Geological Exploration Institute of the Heilongjiang Geology and Mineral Development Bureau (see, The Race for China's Gold"). The First Institute is responsible for mineral resource discoveries, licenses and concessions in Heilongjiang Province, the largest province in northeast China, which covers an area of approximately 469,000 sq. km.While China intends on curbing over-borrowing to lower investments in the cement, steel and real-estate sectors, the continued development of gold exploration in the Heilongjiang province is "business as usual".China, which is the fourth largest gold producer in the world, sees precious metals as an under developed resource in a time when cash constraints in its banking sector need more backing, putting companies like Savoy in an even better bargaining position now then before the Chinese government announced plans to curb over-borrowing.

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