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Gold/Mining/Energy : Gold Price Monitor
GDXJ 145.00+2.0%Jan 23 4:00 PM EST
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To: Enigma who wrote (48923)2/12/2000 3:05:00 PM
From: Ken Benes  Read Replies (2) of 116915
 
Although, there is no smoking gun, the actions of the BOE for the periodic sales at public auction come as close to indicating manipulation than actually having the finance ministers on tape discussing, why they would conduct of sale in this fashion. The BOE approach was novel and was designed to maximize publicity surrounding the continuing sales by central banks. What other reason could be inferred, it certainly did not optimize the price they received in the first two auctions. As a matter of fact, the first announcement reduced the priced received by 10%. On the other hand the Dutch, as has been the practice, in their recent sales, announced the sales without publicity after the fact, having little impact on the gold market.

Your admission that you are not convinced that the cb's attempted to influence the price of gold indicates that you might at some point recognize that is what in fact happened.

During the last ten days as the controversy has swirled about the producers forward selling practices, a critical examination of the techniques used has left little doubt that they did in fact depress the price of gold by increasing supply in the spot market. Some future revelations may produce the evidence required to implicate the cb's in overt moves to depress the pog for political and economic reasons.

Ken
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