Precious Metals mutual funds (gold, silver, PGMs) Message Board

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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)

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To: Dan P who wrote (381)	6/28/1999 11:34:00 PM
From: James F. Hopkins	Read Replies (1) of 972

Hi Dan; Well I'm most sure there are enough votes to block the IMF sale. biz.yahoo.com I want the IMF out of the Gold BIZ but I think they just need to return it to them who gave it. ------------ In this one biz.yahoo.com Note Rubin added that there was ''absolutely no intention'' of selling gold from the United States' own reserves. ''Rubin's remarks clearly give the signal that he's worried the Congress might not agree,'' said one London dealer. That said, prices were unlikely to move much ahead of Britain's 25-tonne gold auction on July 6, he added. Dealers would focus on what demand emerged during next Tuesday's auction with a settlement price at or above the market's current range of $262.00/$258.00 likely to spark a short-covering rally. ''There's still downside pressure but the risk of a big move is going to be to the upside,'' said another London dealer. ''The amount to be sold, it's not that big. We are probably looking at one (bullion) house's position. If someone comes in and bids for it I don't know what that will do to the rest of the shorts,'' he added. German bank WestLB bank said gold would range between $250 and $300 per ounce in the second half of 1999 with potential investors holding back ahead of the UK auction. ----------- In short if the market absorbs that July 6th sale without falling then it's going up rather strong at least until the shorts cover. It could visit 300 for a while and the bigger miners would likely cap it there with forward sales. --------------- Then again it could flop, but I'm betting on the squeeze it's been a while since they milked the shorts. Jim

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