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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)

MDMN 0.0001000

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Dec 5 9:30 AM EST

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To: Handshake™ who wrote (19034)	9/21/1999 11:06:00 AM
From: Coz	of 25548

(REUTERS) Spot gold touches $260/oz after UK auction Spot gold touches $260/oz after UK auction LONDON, Sept 21 (Reuters) - Spot gold prices continued higher on Tuesday in the wake of Britain's second gold auction, with short-covering pushing the price to touch $260.00 a troy ounce. Dealers said the market saw the auction result as positive, after 25 tonnes of gold sold for $255.75 an ounce at a sale which was eight times oversubscribed. Spot gold moved as high as $260.40 bid before dropping back. It was quoted at $259.90/$260.40 by 1440 GMT. Gold's rise to a one-month high, through the top of the narrow range it held prior to Britain's second auction, followed dealer short-covering on the unexpectedly strong demand. The auction price of $255.75 a troy ounce was down on the $261.20 received at the first auction in July but above recent market levels. The sale netted Britain $206 million for reserve investments in dollars, euros and yen. ((Marius Bosch, London Newsroom, +44 171 542 8065, fax +44 171 542 8077. londoncommodities.desk@reuters.com)) REUTERS * end of story *

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