Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	3/5/2002 1:21:55 PM
From: AC Flyer	Read Replies (1) of 74559

GOLD Final BoE auction met with, well, polite disinterest. The sale price was $296.50, off 10 cents from the London morning fixing, though the highest of any of the BoE's 17 gold sales. The auction was over-subscribed by 3.7 times compared with 1.4 times at the prior auction in January. What's to look forward to now? The Bundesbank has hinted that it my sell up to 50 tons in 2002, which it can do and still be in compliance with the Washington Agreement. The Bundesbank has also implied that it will reduce its 3,000 tons of gold reserves by half, following the expiration of the Washington Agreement in 2005. However, these moves do call into question the sustainability of the Agreement which was set up to limit gold sales by its signatories - 15 European Central Banks - to 400 tons a year.

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