Replies to post #18 on Money Never Sleeps

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in an hour

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Gold - Soros Exit Weighs On Gold, Silver
NEW YORK, May 17, 2011 (Dow Jones Commodities News via Comtex) --
By Tatyana Shumsky

Precious metals fell Tuesday on a stronger dollar and negative investor sentiment in the wake of hedge-fund titan George Soros' exit from the gold market.

The most actively traded contract, for June delivery, was recently down $10.90, or $0.7%, at $1,479.70 per troy ounce on the Comex division of the New York Mercantile Exchange.

Thinly traded May-delivery gold was up $1.10, or 0.1%, at $1,491.50 per troy ounce.

Soros Fund Management, the hedge fund owned by billionaire investor George Soros, has sold around 99% of its gold holdings, a late Monday filing with the Securities and Exchange Commission showed. The fund sold 4.7 million shares of physical-gold exchange-traded fund SPDR Gold Trust (GLD), reducing its holding to just 49,400 shares, valued at $6.9 million at March 31.

The news sapped confidence among gold investors as Soros had led the charge on gold over the past two years, aggressively purchasing the precious metal after dubbing it "the ultimate asset bubble."

"I assume he was sitting on a gigantic mountain of profit in that position and the prudent thing to do would've been to book some of it," said Matt Zeman, head of trading at Kingsview Financial. "Because he's leaving you're going to see a lot of small speculators jumping ship."

A moderately stronger dollar also pressured precious metals prices lower. Gold and silver futures denominated in dollars seem more expensive to holders of foreign currencies when the dollar strengthens.

The ICE Dollar Index was recently at 76.000, up from 75.612 late Monday in New York.

Silver prices weakened on the news, with silver for July delivery, the most actively traded contract, down 80.7 cents, or 2.4%, at $33.325 per troy ounce. May-delivery silver was down 44.9 cents, or 1.3%, at $33.680 per troy ounce.

Silver futures are still fragile as investors remain jittery after the early-May price correction that wiped 27% off silver's value, knocking prices off 31-year highs.

"Around that $30 level you may see it halt the bleeding, I think we're getting closer to that," said Zeman.

-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; [e-mail]

(END) Dow Jones Newswires

05-17-11 0951ET

http://news.tradingcharts.com/futures/1/4/158836941.html

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Prada Gets Regulator OK For Up To US$2 Billion Hong Kong IPO - Source

Italian fashion house Prada SpA received regulatory approval Thursday for its plan to launch an initial public offering that could raise as much as US$2 billion ahead of a Hong Kong listing in June, a person familiar with the situation said Friday.

The company aims to begin bookbuilding for institutional investors in the second week of June, the person said.

Prada is planning to sell a 20% stake in the family-run company during the IPO.

Once the application is approved, the next steps typically involve informal meetings to gauge potential interest, followed by formal pitches to investors and a listing, all of which are usually completed within a six-week period.

Prada said in January its board hired Goldman Sachs Group Inc., Intesa Sanpaolo unit Banca Imi, Unicredit SpA andCrédit Agricole SA to handle the deal.

-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; [e-mail]

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UCO - 5 min Candlesticks

see the tunnel
but 1st res. at 46.26

am gone havin a drink with a friend - see ya during the weekend