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To: NickSE who wrote (50331)	6/30/1999 9:21:00 PM
From: robnhood	Read Replies (1) \| Respond to of 86076

MD----- <<<U.K. Gold Sales - Overwhelming Response to 'Hold Onto Our Gold'>>> biz.yahoo.com BTW--- Japan up over 400 points already-- NFG

To: NickSE who wrote (50331)	6/30/1999 11:00:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 86076

what are the PnFrs sayin about the broader mkt? has the bullish % flipped to the downside?

To: NickSE who wrote (50331)	7/1/1999 1:24:00 PM
From: John Pitera	Respond to of 86076

Nick, July 6th is the date of the BOE sale, : COMMENT - Precious metals mostly higher overnight with little fresh news. Yesterday, silver closed higher again aided by technical factors and another strong day in the copper pit. Stronger base metals prices tends to support the argument that industrial demand for metals including silver is rising. Gold was steady as opposition to IMF sales appeared to grow in the U.S. Congress. Yesterday, silver futures continued to gain ground due in part to rising copper prices. There is still no indication of significant supply tightness which in our opinion would be needed to sustain a large price advance. Gold could not hold early strength and settled unchanged with some attention focused on tomorrow's expected Fed interest rate hike. The major consideration for the gold market is the outlook for official sector sales especially the July 6 U.K. gold auction of 25 tonnes. Reports that resistance to IMF gold sales was building in the U.S. Congress offered some firmness to gold prices recently. A KR story run Wednesday indicated the IMF gold sales bill will face organised opposition in both houses and from both political parties. It is unclear when the administration will introduce the bill to Congress. Jim Saxton, vice-chairman of Congress' Joint Economic Committee, said yesterday that he was proposing new legislation to block current proposals to sell 5-10 million ounces on IMF gold. The World Gold Council, also dedicated to defeating the measure, has calculated that gold's price fall from $290 has already lost developing nations who would benefit from the IMF gold sales more than $150 million in annual export earnings. Ghana, the largest gold producer among the heavily indebted poor countries which the IMF gold sales would aid reportedly wants the IMF to stop plans for gold sales. Palladium was weaker overnight on reports on Reuters or poor consumer demand and Japanese dishoarding.