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

To: John Hunt who wrote (37238)	7/16/1999 3:24:00 PM
From: FESHBACH_DISCIPLE	Read Replies (1) \| Respond to of 116764

Gold pares gain after brief rally, silver down Jump to first matched term LONDON, July 16 (Reuters) - Gold gained more than $2 on Friday after a major producer suspended a mine project and a senior IMF official said the body might sell gold to other central banks, but prices drifted off the day's peak in later trade, dealers said. Gold gained $2.60 on Friday to a high of $256.40 a troy ounce compared to the New York close at $253.80/$254.30. But prices drifted lower and it was last quoted at 254.40/$254.90. Traders said comments by International Monetary Fund deputy managing director Alassane Ouattara lend some support to gold. Ouattare said in an interview with USA Today that gold sales to central banks rather than to the market are one option for the IMF as it assesses how to pay for debt relief and loans to poor countries. He said the IMF might try to work with European nations to limit their gold sales. This work could be coordinated through the Bank for International Settlements. "The aim is to protect the gold market so the sale will not have a major impact," Ouattara said. The IMF's board discussed the issue last Friday, but made no decision on how to proceed with the sales, which will need approval from a hostile U.S. Congress. Monetary sources said at the time that sales to central banks might be one option. The decision by Placer Dome Inc to suspend construction of the Las Cristinas gold mine in Venezuela, due to low prices also lifted bullion prices. "Obviously it is the Placer Dome announcement and also the IMF deputy managing director making the comment that they may try and sell 10 percent of their gold to other central banks, rather than on the international market," said N.M. Rothschild & Son treasury analyst Helen McCaffrey. Placer Dome said the Las Cristinas project would be suspended and put on care and maintenance "due to changed gold market conditions and lower prices which have created greater uncertainty about the future." Gold prices have fallen almost $35 a troy ounce since early May when the British government announced it would reduce its gold reserves from 715 tonnes to 300. Before the British gold sales, bullion prices were under pressure from Swiss plans for central bank gold sales and IMF plans to sell around 300 tonnes from its gold reserves. Dealers said gold moved lower in late European trade after the market absorbed the IMF news. "Above the $256.00 area, the market becomes very nervous," one dealer said. Silver was last quoted lower at $5.06/$5.08 a troy ounce, down from the previous New York close at $5.09/$5.12. Platinum was last quoted a dollar higher at $348.50/$350.50 compared to the previous $347.50/$349.50 New York close. Palladium was last unchanged at $335.00/$340.00

To: John Hunt who wrote (37238)	7/17/1999 5:35:00 AM
From: John Hunt	Read Replies (1) \| Respond to of 116764

Taiwan bails out bourse amid row with China << Taiwan's government on Saturday marshalled huge state funds to defend the country's stock market from lingering fears over frictions with China, helping the beleaguered index to recover from a steep, early drop. The benchmark TAIEX index fell more than 4.5 percent in a white-knuckled session, but ended with a loss of just 0.61 percent after the Finance Ministry mobilised Taiwan's four top state funds to staunch the week-long sell-off. ''The four funds all agreed to hike their investments in stocks, which is expected to pour an additional T$360 billion (US$11 billion) into the stock market,'' the ministry said. The move to marshal the state pension, labour pension, labour insurance and state postal funds followed Wednesday's pledge to form a T$500 billion market defence fund ... more ... >> biz.yahoo.com

To: John Hunt who wrote (37238)	8/6/1999 4:27:00 AM
From: Alex	Read Replies (1) \| Respond to of 116764

Chinese army says ready for war if needed Aug 06--0612 GMT/1512 JT ................................................................. TOP STORIES: CHINA'S OFFICIAL PRESS: ARMY PREPARED FOR POSSIBLE TAIWAN WAR Hong Kong-Aug 6--China's People Liberation Army says it has made "necessary preparations" should the worst scenario between China and Taiwan occur, the Hong Kong edition of the official China Daily newspaper reports. Quoting researchers from the PLA Academy of Military Sciences, the report says the PLA will not hesitate to use force against Taiwan separatists and has the full ability to win a war if Taiwan declares independence from China. (Story .10823)