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

To: Zardoz who wrote (37584)	7/22/1999 6:26:00 PM
From: goldsnow	Read Replies (3) \| Respond to of 116779

U.S. Is Reassessing Plan to Sell IMF Gold, Senior Treasury Official Says By Jeremy Pelofsky U.S. Rethinking IMF Gold Sale, Senior Treasury Official Says Washington, July 22 (Bloomberg) -- The Clinton administration is exploring alternatives to selling gold reserves of the International Monetary Fund to fund a debt-relief plan for the world's poorest nations, a senior U.S. Treasury official said. The administration's proposal that the IMF sell up to 10 million ounces of gold has drawn fire from U.S. Congress members, gold-mining companies and gold-producing nations, some of which are in line to receive the debt relief. Signaling the Congress has the upper hand in the debate, the Treasury official told reporters on a conference call that while selling gold is the only viable option now, the U.S. is seeking other ways to use the gold to raise money. The administration is seeking a solution that would avoid further depressing gold prices and win support from Congress as well as from the rest of the IMF. Earlier today, House of Representatives Banking Committee Chairman Jim Leach said he opposes the sale of the IMF's gold on the open market to fund debt relief. Leach's opposition could scrap the open-market sale because the move requires approval of 85 percent of the IMF's members, and the U.S. holds an 18 percent share. Congressional authorization is required for the sale to go forward, and the banking committee has jurisdiction over the issue. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.

To: Zardoz who wrote (37584)	7/22/1999 7:03:00 PM
From: goldsnow	Respond to of 116779

The risk of dollar sinking even higher than gold? Dollar sinks to multi-month lows vs yen, euro NEW YORK, July 22 (Reuters) - The dollar plowed to a five-month low against the yen and a two-month trough against the euro on Thursday, as this week's sharp sell-off accelerate when U.S. asset markets came under pressure. Daring Japanese authorities to step in to temper the yen's strength, traders took the dollar a full two yen lower in three hours during early U.S. trade. ''There's been no sign of intervention yet today although the markets keep expecting it,'' said Ram Bhagavatula, senior vice president at NatWest Global Markets. ''The markets are trying to discover where the Bank of Japan's new tolerance range is.'' An upturn in sentiment about the outlook for Japanese and European economies have been luring investors out of the dollar and into yen and euro. This week alone, the euro has gained 4.5 percent versus the dollar, and the yen has risen 4.0 percent. Greenspan's warning that the central bank will act ''forcefully and promptly'' to prevent a pick-up in inflation torpedoed U.S. stocks and bonds, which subsequently piled more weight on the U.S. currency. But analysts said in the bigger picture, economic forces outside the United States have a greater bearing on the dollar. (Note: this article is ''in progress''; there will likely be an update soon.) biz.yahoo.com

To: Zardoz who wrote (37584)	7/22/1999 8:33:00 PM
From: Rarebird	Read Replies (1) \| Respond to of 116779

Hutch, I'm surprised at you, especially you. A rising gold price in any currency is the same as the objectively falling value of that currency. The dollar index broke below its 50 day moving average this week while you thought it would rise to 120. The dollar, IMO, will retest its lows from last fall and might very well break below that level too. Who is selling the dollar here? As for the XAU, sellers have been unable to take the XAU below 57.50, even though the POG has broken down after the BOE announcement to sell its gold reserves. I want to tell you a secret: the XAU has run out of sellers and the substantial premium it is selling above the POG is indicating a Bull Market in Gold is on the short term horizon. Who is smarter? The BOE or the Investors who are holding the stocks in the XAU? PS. This past Option expiration may very have been the second to the last trading day before a major rally ensued on the XAU and POG.

To: Zardoz who wrote (37584)	7/23/1999 12:53:00 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 116779

PS: Maybe some other wish to go read this: #reply-10614534 and make some comments here on why they believe gold should climb? How's this professor??: ""Cash operating costs declined 22% to US$122 per ounce, compared to US$157 per ounce. Total cash costs, including royalties and production taxes, declined to US$131 per ounce for the period ended June 30, 1999, from US$179 per ounce. Notably, the Company's new Pierina Mine contributed 554,469 ounces of gold at a total cash cost of US$38 per ounce during the first half of 1999."" Amazing how modern day technology increases productivity in all sectors, isn't it?? So now gold cost Barrick less to produce, they'll successfully hedged that supply at a far higher price and are sitting VERY pretty. How much productivity and cost efficiencies can they wring out of their operations?? And can their competitors do the same?? Regards, Ron