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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: goldsnow who wrote (37959)	7/28/1999 10:54:00 PM
From: Hawkmoon	Read Replies (1) of 116761

I think (Correct me if I am wrong) but all recent sellers of Gold were countries with distressed currencies...(Canada, Belgium, Australia, Argentina)...What is unusual about BoE stunt is that Pound is not...not yet at least... So they sold gold so that they could buy more of their own or another nation's currency to buttress their reserves. What of it? The Brits are trying to do the same thing, sell gold and buy Euros with the proceeds. Selling gold increases the relative value of the Dollar (which helps maintain their favorable exchange rate with the US, weakens their own currency, which is stronger than the Euro and hurting their trade with the continent, and bolsters their reserves of those currencies). Good deal all around for the Brits when it is properly analyzed, IMO. Regards, Ron

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