Gold Price Monitor Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.90

+4.2%

Dec 9 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: long-gone who wrote (36616)	7/6/1999 10:39:00 AM
From: Tomas	of 116805

Bidders rush for gold at $261.20 per oz - Financial Times, July 6 By Our Summaries Staff The Bank of England on Tuesday sold 25 tonnes of gold at an allotted price of $261.20 per troy ounce, close to its opening price in London, in the first gold auction in 20 years. The auction was more than five times oversubscribed, receiving bids for 4.2m ounces. Gold was trading at $261.55 per oz immediately after the results at 1115 GMT and analysts said they expected the price to rise at the start of trade in New York before settling back to close in London near its opening price of $261.30 per oz. Earlier, bullion traders submitted their bids electronically and at the last minute by hand at the Bank before the deadline of 1030 GMT. The minimum bid size was 400 oz and the sale price settled on the lowest accepted bid. The auction was the first in a series of highly controversial bi-monthly sales aimed at cutting the UK central bank's gold reserves from 715 tonnes to 300 tonnes. The Bank of England has been heavily criticised by gold lobbyists for announcing the sale ahead of time in May, since when gold prices have lost $30 per oz. Other central banks and the International Monetary Fund are expected to follow the UK Treasury's lead and were keenly following the progress of the sale. The Swiss central bank and IMF, which is likely to vote on the issue in September, may use the UK Bank's auction model as a template for their own. The IMF intends to sell one tenth of the 3,000 tonnes of gold in its reserves to relieve the debt burden of the world's poorest countries. The sale would require the approval of 85 per cent of the IMF executive board.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next