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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: John Hunt who wrote (35374)	6/15/1999 7:43:00 AM
From: long-gone	Read Replies (1) of 116759

INTERVIEW-Anglogold sees gold fall overdone By Marius Bosch LONDON, June 15 - Gold will recover from its recent 20-year low prices because the bullion market over-reacted to Britain's decision to sell more than half of its gold reserves, the world's largest gold producer, Anglogold Ltd, said. Anglogold's executive marketing director Kelvin Williams said in an interview that the UK Treasury's announcement on May 7 that it would sell 415 tonnes of the country's 715 tonnes of gold reserves, had distorted the market for gold. "The market has been given an unique opportunity in the Bank of England publically announcing gold sales in advance... to speculate against that action. ''In a sense, the BoE sale in itself would be easily absorbed in this physical market. In the way they have announced it, they have introduced a distortion to the paper market and the result is that this huge speculative short against the gold price is a distortion and the market consequently is in a negative over-reaction,'' Williams said.(cont) biz.yahoo.com

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