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

To: long-gone who wrote (36410)	7/3/1999 2:37:00 PM
From: John Hunt	Respond to of 116915

OT - Can not find "full news" on the web, but I'm not surprised Hi Richard, I havn't heard anything on TV, but what can you expect from CNN (Clinton News Network) or CNBC (Clinton News Business Channel)? News on the web is better, but still lacking. I can't believe how much these two have deteriorated in the last couple of years. There wasn't even a mention on CNN last week about the US Treasury building being closed because of a report of an intruder with a rifle in the building. Unbelievable for such an important building, near the White House, with a helicopter hovering overhead and surrounded by swat teams. Anyway, have a great holiday. John

To: long-gone who wrote (36410)	7/3/1999 6:31:00 PM
From: PaulM	Read Replies (1) \| Respond to of 116915

Richard, a must read: RED AND YELLOW METALS SHINE AGAIN "'There is a focus....on next week's Bank of England gold auction, with traders generally expecting the auction to be oversubscribed by up to four times...' said GNI" "investors who had over-sold their positions were thought likely to buy up fresh contracts amid tight physical supply on the market" asia.yahoo.com Richard, I wonder if the free market experts on this this thread might explain how the Bank of England auction could be "oversubscribed"? If the current price of gold is the freemarket price, then why are there more buyers than sellers at that price (and this with the seller not even a free market player)? Shouldn't the "free market" have worked to raise the price enough so that enough sellers were drawn out to satisfy all the buyers? Seems pretty clear that the BOE auction has telegraphed to the whole world the problem in the gold market. The "price" of gold is $264 only of little coin buying minnows like us and producers. Big Money cannot obtain delivery of Significant Quantities at that price. The thing to watch next week is not the "price" (i.e. lowest accepted bid), but rather how many shorts are forced to go home empty handed. My theory is that the BOE knew that some central bank wouldn't roll over a loan im July, and that's why this first auction was scheduled when it was. That's also why Rubin, Rivlin and Yellin resigned. That's also why lease rates are tightening. In any event, my thinking hasn't changed: given the quality and financial importance of the entities short this market, we are on the cusp of all hell breaking loose.