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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Bobby Yellin who wrote (7112)	2/2/1998 11:07:00 AM
From: GOLDFINGER	Read Replies (1) of 116764

Here the answer : extract from USA Gold today MARKET UPDATE (02/2/98) AM-----Gold meandered in a tight range in early trading as we get rolling for the week. Gold was unchanged in Hong Kong and and down slightly in London overnight. At the World Economic Forum held in Davos, Switzerland over the weekend the French central bank governor, Jean-Claude Trichet made some supportive remarks with respect to the European position on gold. According to a Reuters report he said that the French central bank had no intention of selling any gold and that he didn't believe any other major holders of gold reserves intended to sell either. An interesting report surfaced in Australia over the weekend which could a damper on future central bank lending as well. The Sydney Morning Herald reported that a "major Swiss bank" was forced to buy large amounts of gold last week to cover a Korean corporation's default on a gold loan. In addition, rumors were floating around the gold circuit that several gold loans to Korean banks were on theverge of default, "which could mean hundreds of tonnes of gold would need to be bought in the spot market by Swiss and Dutch banks to cover their loans with central banks." This is the type of thing we have warned consistently about in this daily report over the past six months and comprises the theme of the article "In Search of the Midas Touch" which many of you have requested we send you. That article concluded that the bullion banks and fund managers could not create gold out of thin air to cover their short positions -- that the Midas touch would remain legend. Regards, GF.

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