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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (34995)	6/9/1999 12:12:00 AM
From: PaulM	Read Replies (2) \| Respond to of 116764

"Arnold said producers might...hijack Britain's...gold auction...bidding significantly above the prevailing spot price for the 25 tonnes on offer in an attempt to reverse bearish sentiment." "'I wouldn't rate it higher than say a 50 percent probability that someone might put in a crazy bid. It's a small amount of gold being offered,'' he said." biz.yahoo.com Looks as though those on the short end of the market can spin some pretty good conspiracy yarns of their own! Something tells me the British gold auction will be oversubscribed and above market. (You'd think, though, that producers bent on raising the price of gold might first try less drastic measures. Like covering their own shorts). Richard, I wouldn't be surprised if the current POG finally proved the point you've been making all along. Either there will be a gold loan default OR gold will go into backwardation OR deliverable gold on one of the exchanges will not be delivered OR another central bank will unload gold. So far, we've seen only the last one. But I think the British summer auctions mean a lender somewhere isn't allowing a borrower to roll over a loan.