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Gold/Mining/Energy : Position Trading in Canada

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To: russet who wrote (1590)	9/8/1999 5:12:00 PM
From: VisionsOfSugarplums	Read Replies (1) of 2259

PDG: Thanks, russett. The CBS article was the one I had seen. Good not to forget the information as mentioned in the other article, too. The Alaron article (FWIW, because of bullish bias) also mentioned this bit about the IMF: <<Gold ... Gold was boosted partly on news that the IMF's governing Interim Committee will discuss on Sept 26th a proposal to mark 10 million ounces of its gold reserves to market from its current book value of about $47 per ounce. This would generate about $1.1 billion that could be used to fund debt relief for poor countries, according to an IMF document mistakenly posted on the Dutch Finance Ministry's web site. This will allow the IMF to use a higher valuation as collateral rather than sell the gold on the market. Gold sentiment is turning more bullish toward gold as 1-month lease rates have risen and as more bullish news surfaces about the IMF gold sales. Gold could retest new highs to about $264. Another bullish factor for gold is that heavy selling in mid-morning yesterday at $255-256 did not knock gold down. It simply stopped the rally to some extent, but it did not push it down, which is very encouraging. That suggests there is good buying demand. Watch the range in Dec. 254.00 to 258.50 for the time being.>> alaron.com Regards, t.

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