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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: John Hunt who wrote (36768)	7/7/1999 10:09:00 AM
From: lorne	Read Replies (3) of 116789

UK GOVT DISMISSES GOLD MKT CONSPIRACY THEORY AS "WILD FANTASY" London--Jul 7--The UK government today dismissed as "wild fantasy" gold market rumors that the UK was timing its gold auctions to help speculative short sellers. Some of the largest gold producers in the world wrote to UK Prime Minister Tony Blair this week asking him to investigate the conspiracy theories, but today a Treasury spokesman said, though it would answer the letters, there would be no investigation. (Story .13027) AUS' NORMANDY: GOLD PRICE SLUMP AFTER UK SALE SHOWS IGNORANCE Sydney--Jul 7--A further slump in the gold price overnight after the Bank of England's first gold auction reveals the extent of ignorance in the market about supply and demand conditions underpinning trade, Robert Champion de Crespigny, executive chairman of Australia's biggest gold producer, Normandy Mining Ltd., said today. (Story .22276) REPEATS: MITSUI: "SUSPICIOUSLY INFLATED NUMBER" UK GOLD BIDS London--Jul 6--The 4.174 million ounces worth of bids--or 5.2 times the offering--for gold received by the Bank of England is "a vastly, suspiciously inflated number," according to Mitsui Bussan analyst Andy Smith. He said gold auction bids above the BOE's lowest accepted price of US $261.20 per ounce probably amounted to less than a fifth of the total bids. (Story .12057) TAIWAN JUN GOLD IMPORTS 6.677 TONNES VS 4.098 TONNES IN JUN '98 Taipei--Jul 7--Taiwan's gold imports totaled 6.677 tonnes in June, compared with 4.098 tonnes a year earlier, a statement released by the Ministry of Finance said today. (Story .6016) crbindex.com

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