Blanchard Co. statement about victory over Barrick Gold and Morgan Chase

Can anyone besides GATA Chairman Bill Murphy's
quot;Midasquot; commentaries at LeMetropole Cafe say ...
quot;commercial signal failurequot;?

* * *

By Dominic Hall
The Bullion Desk
Tuesday, September 9, 2003
a href=http://www.thebulliondesk.com/Generators/ReportItem.asp?Code=dh001http:/...

As gold toys with the $380 level at mid-morning in London,
a broad consensus appears to be forming among market
professionals for a move well beyond recent trading highs.

At 11:40 BST spot gold was quoted at $379.80/380.40 a
troy ounce, while the euro was quoted at $1.1126/29.

A source of constant nagging concern among gold market
pundits, the record speculative long position in New York
gold futures appears to have been grudgingly accepted
as sustainable in the short to medium term by many
observers overnight. Fresh money has continued to flow
into the precious metal as investors sought to diversify
their portfolios, forcing a rethink of the markets' long-held
reference points for judging the scale of the speculative
position.

UBS Warburg in a report this morning added: quot;An
all-time-high in spec longs does not necessarily point
to an immediate sell-off in gold.quot;

Meanwhile, gold gained additional support from a strong
euro as forex market participants were careful about going
overly long on the dollar amid nervousness ahead of the
September 11 anniversary.

Regional reports also pointed to continued healthy demand:
quot;We're seeing buying from the Japanese, but also locally,quot;
said a Hong Kong-based trader who believes gold will break
overhead resistance at $379 that has thus far held firm.
quot;With all the safe haven interest lately, I'm targeting $380,
maybe $385, by the end of the week,quot; the trader said
prophetically.

Similarly, ABN AMRO said in a client note that; quot;We will
probably see more support ahead of Sept. 11 this week,
and a break of $379 will see gold heading toward $390
reasonably smartly.quot;

How long this mood of optimism will last all depends on
the continuing influx of new money. In an interview with
Mineweb, John Hathaway, manager of the $500 million
Tocqueville Gold Fund said of the current rally, It's very
early days yet.quot; He drew particular attention to the new
class of gold securities, such as Gold Bullion Limited,
which trades on the Australian Stock Exchange, and the
eagerly awaited U.K. and U.S. versions: quot;They're going
to draw money, physical money, into the gold market in
a way that nobody can imagine,quot;

In a report this morning, Standard Bank cited support
levels of $375, $371 and $369, with key overhead
resistance at $381.00.

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----------------------------------------------------

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----------------------------------------------------

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