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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 (2497)	10/26/1997 8:53:00 PM
From: John Barendrecht	Read Replies (1) of 116893

Australia gold miners continue to cut costs-report biz.yahoo.com ''With gold at US$310 an ounce and a 69 U.S. cent dollar, the price is about A$450 an ounce currently,'' Close said. This was about A$25 an ounce higher than in early July when the Reserve Bank of Australia announced it had sold two-thirds of its gold reserves So, the Australian bank sells 2/3 of their gold, and the gold price increases 5.5%. Makes their remaining gold worth 5.5% more. Wonder if the bonds they bought have increased 5.5% in the last 3 months? If selling 167 tons increases the gold price 5.5% (in Australian terms), think how much the POG could go up (in Swiss dollars) if they sell 1400 tons! Notice the price is dropping in the Far East, perhaps its time to buy a few more gold bars. Darn Cannuck buck keeps dropping against US, making gold more expensive for us. Gold has gone up everywhere except in US. But then US citenzens don't need Gold, they have T Bills, right?

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