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Gold/Mining/Energy : Alta Gold
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To: Dwight Taylor who wrote (287)10/27/1997 6:25:00 PM
From: Gary Green  Read Replies (2) of 749
 
Alta held up well considering Swiss proposed sale of 1,4000 tons/gold

The WSJ reported to day that a Swiss committee advised the government to sell 54% of all of Switzerland's gold, which amounts to 1,4000 tons. While the sale would not take place until 1999, it is like a long term cloud on the futures market for gold. In less than 2 years, the supply of gold available for sale will jump. This could prompt other countries to dump their own gold before the impact of the Swiss sell-off really deflates the price of gold.

Wouldn't it be ironic if the Swiss, after making the announcement and driving down the price then secretly went in the market to accumulate gold (and not follow through with the plan the committee devised)?
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