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Gold/Mining/Energy : Gold Price Monitor

GDXJ 120.00

+2.0%

Dec 22 4:00 PM EST

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To: Don Green who wrote (35516)	6/18/1999 4:45:00 AM
From: Zardoz	Read Replies (3) of 116822

Thursday June 17, 7:03 pm Eastern Time Cenbanks dim gold inflation beacon-Fed's McDonough NEW YORK, June 17 (Reuters) - The specter of central bank gold sales has distorted the inflation signal that the metal was believed to have had in the past, New York Federal Reserve Bank President William McDonough said on Thursday. ''A number of European central banks have decided to have a portion of their reserves of gold reduced,'' McDonough explained to the Financial Women's Association. ''Britain most recently has decided it would sell off ... gold. So, you have an overhang of supply,'' he elaborated, in answer to a question about the inflation-predicting power the yellow metal. Britain announced on May 7 that it would eventually sell 415 tonnes of its 715-tonne gold reserve, starting with a 25-tonne auction on July 6. The news rocked a market already jittery about planned sales by the International Monetary Fund and Switzerland, sending the bullion price down more than $30 or about 10 percent, to a new 20-year low last week. biz.yahoo.com

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