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

To: Alex who wrote (36152)	6/29/1999 7:47:00 PM
From: goldsnow	Respond to of 116898

Ever slight change of sentiment? :) Outgoing Treasury Secretary Rubin reiterated yesterday that the US has no interest in selling gold reserves. He also said that the IMF sales would not depress prices. To me, this means that officials are afraid that prices will be further depressed and/or that they are nervous about the idea not passing through congress. It is also interesting to note that the majority of third world countries targeted for debt relief are also gold producers, and this looming sale has depressed prices to the extent that those countries will lose as much from price depreciation as they will gain in any debt relief. In fact, Ghana just announced that it is not in favor of the sales...it's not hard to imagine why. The World Gold Council released a poll Friday showing that the majority of English citizens do not favor U.K. sales of gold. They also reported that the U.S., Germany, and France still look to gold as a financial reserve asset. Also keep in mind though, that the council exists to promote gold, so take the info with a grain of salt. Until the July 6th U.K. auction is complete, if it still moves forward, many traders will be on the sidelines. Also take note that the recent Bullish Consensus shows bullish sentiment at 13, the lowest figure since 1981. If everyone is bearish, who is left to sell? Remain vigilant for a dramatic short covering rally, use limited risk option strategies, as buying futures, in my judgement, is too risky...for proof. Technically, the "outside day" Wednesday, the RSI's inverted head and shoulders, and the bullish divergence are still in play. Seasonally, October gold tends to rally 90% of the time from now until mid August an average of about $30, but the trend is still clearly down. investorlinks.com

To: Alex who wrote (36152)	6/29/1999 7:50:00 PM
From: goldsnow	Respond to of 116898

Maybe G-S was retained by BoE in attempt to increase POG prior to July 6 , Boy they will look silly if price will jump July 7 week <gg>