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

To: Rarebird who wrote (41298)	9/28/1999 12:17:00 PM
From: Probart	Respond to of 116764

Did the FED just warn banks for their lax lending? Thought I just heard it.

To: Rarebird who wrote (41298)	9/28/1999 12:19:00 PM
From: Alex	Respond to of 116764

Record rise in gold price <Picture> Gold has broken the financially and psychologically important $300 barrier <Picture> Gold prices posted their highest one day rise for 17 years to breach the $300 an ounce level on the back of the decision by European central banks to limit bullion sales. A statement by the Bank of Japan early on Tuesday that it had no plans to sell part of its gold reserves also contributed to the day's 8% rise, the biggest since August 1982. The gold price is now at its highest level for 11 months, closing at $301 an ounce. Shares in gold mining companies, which have been hit hard by depressed prices, rose sharply. Gain from 20-year low The South African Gold Index rose by 15%, Australia's gold equities index put on 7% and US gold shares saw their biggest gains in a decade. Gold has now gained around $50 an ounce since it hit a 20-year low in early May when the UK Treasury announced it was selling off more than half its gold reserves. On Sunday, 15 European central banks said they would limit annual sales to 400 tonnes for the next five years. The deal cuts market supply by ensuring that only six months of world supply will go to market over that period. The International Monetary Fund (IMF) recently backed off from plans to sell some of its gold reserves to finance Third World debt relief programmes after several of the poorest nations with on gold mining interests complained it would cut prices and undermine their economies. The European central banks' decision takes into account the UK's intention to sell off 415 tonnes of gold, as well as the 1,300 tonnes the Swiss central bank plans to sell. news.bbc.co.uk