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

To: Ken Benes who wrote (35636)	6/21/1999 9:08:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116785

<<The producers cannot and will not act as a cartel for one main reason, they are subsidiaries of the central banks. The term subsidiariary is tantamount to subjects and subjects get directives, they do not give them>> I don't know why you persist in this fiction? The producers are not an amorphous group - unlike the OPEC situation where most of the producers are national entities or where production is politically controlled. Secondly, as someone pointed out - the banks are in most cases the customers of the producers - you seem to think the opposite? Make no mistake about it - if this price persists more producers will shut down money losing mines - as Kinross did recently with the Macassa Mine. But some will want to ride it out - using more profitable mines to subsidise the marginal or losing mines. With an underground mine, closing down the operation is no small decision - it is expensive to start the mine up again in future, not only dewatering the shafts, but also getting back key personnel.

To: Ken Benes who wrote (35636)	6/21/1999 12:22:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 116785

Monday June 21, 11:20 am Eastern Time Gold quiet in dull European trade, PGMs softer LONDON, June 21 (Reuters) - Gold traded in a narrow band in late European precious metals trade on Monday as the market recovered from last Friday's gyrations, dealers said. Silver edged slightly higher while platinum and palladium lost ground and were both moving lower. Gold was last quoted at $258.80/$259.30 a troy ounce, down from Friday's New York close at $259.30/$259.60. ''All the action was on Friday and we are back at square one. It looks like Friday was just a blip and we haven't seen very much today,'' one dealer said. Gold moved higher on Friday after the Swiss parliament rejected a constitutional amendment which would have eased the way for big gold sales but retraced the move after the Swiss central bank said it still planned to sell gold. Dealers said gold's move illustrated the nervousness of the market ahead of the first sale of British gold from reserves on July 6. Britain's announcement that it would sell 58 percent of its 715 tonnes of gold reserves, starting next month with 25 tonnes, saw the price fall from near $290.00 a troy ounce before the announcement. Dealers said they expected a lull in the gold market before next month's auction, due to be conducted by the Bank of England, but saw bullion supported by physical buying from $250.00 to $255.00 if it fell through the $258.00 level. The market was also unsettled by the increasing short positions on COMEX. The Commodity Futures Trading Commission released its biweekly commitments of traders report on Friday, which showed that net speculative shorts had risen by nearly 6,215 contracts to a total of near 8.5 million ounces, or about 264 tonnes, as of June 15. Silver moved higher and was last quoted at $4.98/$5.01 a troy ounce from the New York close at $4.95/$4.98. Platinum and palladium slipped lower in Europe with platinum last quoted at $347.00/$349.00 against the New York close at $351.20/$353.20. Palladium was also lower at $334.00/$339.00 from $339.50/$344.50. biz.yahoo.com