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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: SgtPepper who wrote (35157)	6/11/1999 8:41:00 AM
From: lorne	Read Replies (1) of 116758

Hi SgtPepper. I think it would have been a lot better for the gold market if the english had sold all 415 tons at same time. I think their decision to spread it out over a couple of years was to cause maxim downward pressure on POG over a longer period of time and like you said if things get bad they can always cancel sales. They no longer care if the world knows they are manipulating the market. UK decision to sell gold purely technical -Brown LONDON, June 11 (Reuters) - Britain's finance minister, Gordon Brown, said on Friday the government's decision to sell part of its gold reserves was a technical decision. "Our decison to sell gold reserves was a technical decision," Chancellor of the Exchequer Brown told reporters. "We are doing it in an ordered way after a proper process of consultation. It is nothing more than other countries have done." Brown also said he was confident Germany would agree to IMF gold sales by the time of the International Monetary Fund's autumn meeting. Earlier, German finance ministry sources said it was unlikely there would be an agreement on IMF gold sales until that autumn meeting in Washington. Britain said on May 7 it planned to sell 125 tonnes of gold in the 1999/2000 financial year, and similar amounts in following years until the present 715-tonne stockpile was cut to 300 tonnes. The price of gold has since fallen to $259.5 per troy ounce from around $289.0 before the announcement. reuters.com

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