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Gold/Mining/Energy : GOLD-XAU
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To: Don Green who wrote (755)12/20/1997 12:14:00 AM
From: Richnorth  Read Replies (1) of 1756
 
The trouble is that any rise in the price of gold has been countered by central banks selling or threats to sell gold. The reasons for CB selling gold are too well known. By the way, CB sales do not necessarily have to be in physical gold. They may involve paper claims on gold.

Demand for gold for jewellery outstrips mine production of gold. The shortfall is made up for by gold actually sold by CBs or by shorters and other hedgers.

BTW, Wayne Angell (sp?), a former Fed governor said on Tuesday (reported in WSJ) that he expected gold to bottom out at about $260 in the first half of 1998. But experts have often been known to be terribly mistaken. But then again, he might turn out to be right: after all, a stopped clock is accurate at least twice a day!
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