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

To: goldsheet who wrote (41119)	9/27/1999 3:33:00 PM
From: Alex	Respond to of 116791

It's the gold market - it's the perception that counts <g>................. Gold closes sharply higher in New York NEW YORK (AFX) - Gold closed sharply higher, boosted by news that European central banks plan to limit gold reserves sales during the next five years, dealers said. The October gold contract closed at 281.70 usd per ounce, up 13.80 usd from yesterday's close, while the most-active October silver contract closed at 5.30 usd per ounce, up 10 cents from yesterday's COMEX close. Merrill Lynch chief futures strategist William O'Neill said the announcement by 15 central banks last weekend should help gold "recapture some of its diminished quality". O'Neill called the announcement yesterday "the most bullish news gold has seen in quite a long time". "If they keep to their commitment, it clearly lessens the major negative that's been overhanging the gold market for a long time." However, O'Neill noted that gold began rebounding last week, prior to the joint announcement by the central banks. He attributed the metal's gains last week to "better-than-expected demand following the UK's second auction from its reserves, dollar gyrations, sharp gains in the price of crude oil, and indications that the IMF won't sell gold from its reserves". He added that the central bank's decision would have a more lasting impact than the factors which boosted the gold price last week because it represents "more of a strucutural change in the market". law/ks N For more information and to contact AFX: www.afxnews.com and www.afxpress.com ¸ Copyright 1999, The Nasdaq Stock Market, Inc. All Rights Reserved.