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

To: long-gone who wrote (35129)	6/10/1999 6:56:00 PM
From: Don Green	Respond to of 116762

Gold was uncheered by two central bank denials of reserve liquidation, ending Thursday by a 20-year low with demand so light before Britain's upcoming auction that dealers said it little mattered who was dumping. Gold's decline since Britain said it would start cutting its reserves from 715 tonnes to 300 tonnes in the coming years has gained speed in recent days. Bullion was trading in the $290s before the May 7 UK shocker. The acceleration has fanned more and more by rumors that another central bank was getting in ahead of the Bank of England, which puts the first 25-tonnes of gold on the block July 6. Strong denials by the central banks of Greece and Denmark, two of the banks at the top of the rumor list, did little to dent speculation that a central bank was involved. "All the major holders of gold are not likely to sell it. But if there were some central banks out there that were thinking about selling, certainly the UK announcement could trigger such a response," said David Rinehimer, director of commodities research at Salomon Smith Barney. "I can't rule it out." Spot Gold 258.00