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

To: Hawkmoon who wrote (36627)	7/6/1999 10:34:00 AM
From: Tomas	Respond to of 116753

Getting to grips with gold: Are foreign currencies really as good as gold? - BBC, July 6 The UK Government has begun to sell off about 400 tonnes of its gold. BBC News Online explains what is behind the move and answers other questions about gold. Why is the UK selling its gold? The Bank of England says it wants to restructure its reserves, selling more than half its gold to put money into foreign currencies. By doing this it hopes to take some of the risk out of its holdings. It says, however, that gold will always play a part in its plans. Why are some people unhappy about this? When the UK said in May that it was selling the gold, prices fell, and are currently down by about 10%. That has affected the countries which produce gold, and as many of them are fairly poor, losing revenue from gold production has hit them hard. There are fears that the UK's decision could send prices even lower, causing more damage to their economies. Also, confidence in gold - which despite the price falls over recent years has remained a valuable investment tool - has taken a knock. Can I buy some of the Bank of England's gold? No - unless you are a bank or dealer belonging to the London Bullion Market Association. Anyway, the minimum purchase is a 400 ounce bar, costing around £65,000 ($100,000). But you can buy smaller bars or coins from one of the many gold dealers. Why is gold still so important? Since it was first discovered in around 3,000 BC, it was used for ornaments because it looked good. King Tutankhamen's coffin was made of 2,500lbs of the stuff. But once it became used for coins - it is thought King Croesus of Lydia made the first in around 560 BC - it took on a different value and became a financial asset. These days it is still seen as something that keeps its value over the long-term and is not affected by individual political events - although the decline in its price over recent years has led some in the industry to question its true worth. But don't forget, only about a quarter of the world's gold is in bank vaults. The rest is used for jewellery in countries such as India, where it has a cultural significance. Which country has the most gold? The United States has 8,138 tonnes - that's half of all its holdings. No wonder Fort Knox is a byword for tight security. Next is Germany with 3469 tonnes, and in third place is the International Monetary Fund, which holds 3217 tonnes, although it is planning to sell 10% of its reserves. How about the UK? Before Tuesday's sale - the first of several - the UK had 715 tonnes. That works out at about 57,000 bars, and puts it in ninth place. Where's it all kept? Good question. There's an awful lot of gold in the vaults under the Bank of England, but not all of it belongs to the UK. Lots of other countries store their gold there, as well as at the Swiss National Bank in Berne and the Federal Reserve's New York branch. It's thought some of the UK's gold is actually kept in New York, where it was taken in the 1940s to prevent it falling into Nazi hands. Has anyone ever stolen any of the gold? No, but there's a story about a sewerman who found a way in through the drains in 1836. He wrote to the bank to tell them and they are said to have paid him £800 for being so honest. These days, you would need to be registered on a photo identification system, then find your way through a series of two-foot thick steel doors. So how else could I get my hands on some? You could try prospecting. It's still popular, especially in places such as Australia, although you need plenty of patience. It even goes on in Scotland, and there are courses to show you how. news.bbc.co.uk

To: Hawkmoon who wrote (36627)	7/6/1999 11:05:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116753

<<And it certainly impugns the dedication of many Americans who have not only served in the active military, but then opt to continue that career in the reserves or National Guard. It is not easy juggle a civilian career and a military one at the same time.>> Should I even mention the young boy near El Paso whom was MURDERED in COLD BLOOD for the capitol crimes of carrying an 22 single shot rifle (where it was legal)while herding goats near the border by members of the armed forces with M-16's? OK, it may not be the guys that are evil, but I'm not so sure I want any armed military in our streets. I'll "give them some credit" for the accurate use of an M-16, I'd far rather those that killed that boy hearding goats life in prison(or worse)than credit for a clean kill!