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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.07

+0.7%

Jan 16 4:00 PM EST

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To: long-gone who wrote (2409)	10/24/1997 3:36:00 PM
From: Richnorth	Read Replies (4) of 116892

Richard, Gold did not go up because 1. Hong Kong investors lost BIGTIME and did not have the cash to buy gold. Worse, they had to sell their gold to raise cash to cover their losses; 2. Switzerland plans to sell 1400 tons of gold (subject to vote) in 1999. Since a threat is worse than the execution of it, gold sank more than was warranted. What is worse is that since Switzerland (a country with the reputation of backing its currency with gold) would contemplate selling gold, other countries are likely to think it is OK to sell gold and announce gold sales in the foreseeable future! I hope the citizens of Switzerland will vote against selling their gold. Richnorth

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