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

To: SgtPepper who wrote (35157)	6/11/1999 8:32:00 AM
From: long-gone	Respond to of 116756

<<I was thinking this morning, how could the brits be so stupid as to get themselves into this position. But there I realized, they can just as easily announce that market conditions are not right at this time and simply POSTPONE THE SALE, forcing shorts to cover and raise the price to a more profitable level. Seems to me that the Brits were really smart because their move, perhaps inadvetantly, has created a captive market for their sale when and if they get around to doing it. They now have the shorts by the bxxxls.>> sgt, don't you get it, even Greenspan did. The Brits have already sold the gold. the reason it is making a rally now is because they are buying it back, only to sell again into new reborn strength. Don't trust what you hear, or read, and only part of what you see.

To: SgtPepper who wrote (35157)	6/11/1999 8:41:00 AM
From: lorne	Read Replies (1) \| Respond to of 116756

Hi SgtPepper. I think it would have been a lot better for the gold market if the english had sold all 415 tons at same time. I think their decision to spread it out over a couple of years was to cause maxim downward pressure on POG over a longer period of time and like you said if things get bad they can always cancel sales. They no longer care if the world knows they are manipulating the market. UK decision to sell gold purely technical -Brown LONDON, June 11 (Reuters) - Britain's finance minister, Gordon Brown, said on Friday the government's decision to sell part of its gold reserves was a technical decision. "Our decison to sell gold reserves was a technical decision," Chancellor of the Exchequer Brown told reporters. "We are doing it in an ordered way after a proper process of consultation. It is nothing more than other countries have done." Brown also said he was confident Germany would agree to IMF gold sales by the time of the International Monetary Fund's autumn meeting. Earlier, German finance ministry sources said it was unlikely there would be an agreement on IMF gold sales until that autumn meeting in Washington. Britain said on May 7 it planned to sell 125 tonnes of gold in the 1999/2000 financial year, and similar amounts in following years until the present 715-tonne stockpile was cut to 300 tonnes. The price of gold has since fallen to $259.5 per troy ounce from around $289.0 before the announcement. reuters.com