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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: Henry Volquardsen who wrote (12971)	6/12/1998 9:26:00 PM
From: Bill Murphy	Read Replies (3) of 116796

Henry, I have heard many good things about this site from Bobby Yellin. I have another thread on gold. Our information is that it was the Swiss National Bank who bought gold for a customer. Of interest is that the SNB hit the gold-eagle web-site out of nowhere about 10 days ago over 20 times in two days. Then all this news comes out. We have heard for some time the Japanese have been buying gold but could not get a handle on this information until recently. Smoke is coming out of everywhere. First we heard ( from our sources ) of the Swiss buying in London. Then we heard from a South African source that an Asian government was buying ( 400 tonnes ) and the source hinted strongly it was Japanese. Today, we hear from a third source that our info was correct about Asian central bank buying, but would not name the country or tonnage. The reason given for the gold buying was the country wanted to bolster the currency with gold because they saw what has happened to the Canadian and Australian currencies as a result of their gold dumpings. And finally out of nowhere, the Japanese recently bombarded the gold-eagle site. If this is true, the Japanese should want to announce this some time after they are done buying. This will alert our Treasury people that they are now considering reserves other than dollars. If this is so, and an Asian backlash develops against the imperialists Americans,other Asian countries could follow suit and also buy gold for the same reasons. An actual buy and the potential of future buying, would be quite something and could give the gold market and enormous psychological lift. regards, Bill Murphy

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