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

To: Bobby Yellin who wrote (40435)	9/18/1999 11:43:00 AM
From: goldsnow	Respond to of 116759

"The market got what it wanted on Wednesday, a benign CPI report," he said in a note. "What is important is supply and demand. The money just isn't there anymore." Gretz has a simple way of determining that rates are headed north. "We've been told rates are going higher by no less than 400 to 500 reliable sources," he remarked. "That is, 400 to 500 stocks that are sensitive to interest rates." cbs.marketwatch.com

To: Bobby Yellin who wrote (40435)	9/18/1999 3:02:00 PM
From: Alex	Read Replies (1) \| Respond to of 116759

Excellent read Bobby - thanks..................... The Coming Week in Europe: Going, Going ... Gold! By Marc Young German Correspondent 9/18/99 9:47 AM ET Where's Mr. T when global commodities traders need him? Alas, not even the well-adorned Mr. T and his healthy appetite for gold would be able to save the plummeting fortunes of the precious metal as the Bank of England carries out the second of five auctions planned to liquidate over half of the central bank's gold reserves. Tuesday's auction of 25 tonnes of gold may be relatively small compared with the overall amounts produced annually, but the move is sure to keep downward pressure on prices. The British government decided in May to sell off 415 tonnes of its total of 715 tonnes of reserves, in order to invest the funds in dollar-, euro- and yen-denominated government bonds. While that raised concerns that other central banks might follow suit, the Bank of England's first auction in July alone was enough to cause the price of gold prices to hit its lowest point in 20 years. "Gold has made several attempts to breach upside resistance at $257 per ounce, but the market's preoccupation with the Bank of England auction continues to dent sentiment," says Malcolm Southwood, an analyst for J.B. Were & Son in London. "With just a few days to go, few players will be willing to take long positions." But the Bank of England's auction won't be the only blot on the landscape for gold traders, as there is also a slew of economic data that is likely to show there's no need to buy gold as a hedge against inflation any time soon. Italy will kick things off on Monday with figures for August consumer prices. On Friday Germany will release preliminary consumer prices for September and on the same day Italy will publish September inflation data for the country's major cities. Also sometime during the week German August producer and import prices are to be released. Also of note on the economic front is the Tuesday report on West German business confidence by the Munich-based Ifo research institute. The indicator has been used in recent months to point to a quickening recovery for Europe's largest economy. For the equity markets, shares of retailers could prove of interest, after Germany's Tengelmann Group said it was looking for strategic partners to expand its business. The announcement could help spur the consolidation of the sector, in the wake of domestic mergers and moves by Wal-Mart (WMT:NYSE) to increase its holdings in Europe. The telecommunications sector continues to hold many people's attention following the news last week that AT&T (T:NYSE) and British Telecommunications (BTY:NYSE) plan to set up a transatlantic mobile phone alliance. Besides likely striking fear into the hearts of continental telecos such as Deutsche Telekom (DT:NYSE ADR) or France Telecom(FTE:NYSE ADR), the AT&T-BT deal should spur discussions between the U.K.'s Vodafone AirTouch (VOD:NYSE) and Bell Atlantic (BEL:NYSE) for a common mobile telecommunications unit. With transatlantic calls becoming that much cheaper and easier, perhaps Mr. T may find the time to pick up the phone and tell Bank of England Governor Eddie George he is a "fool" for cheapening of his vast holdings of gold chains and jewelry. ¸ 1999 TheStreet.com, All Rights Reserved. etrade.com