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

To: Robert Dirks who wrote (42567)	10/10/1999 8:45:00 AM
From: Robert Dirks	Read Replies (1) \| Respond to of 116779

I think this is worth a SECOND-READ: Now this anecdotal story from a Cafe member about e-gold pricing this week. www.e-gold.com is a website which facilitates the electronic circulation of gold - "the ultimate worldwide free market currency." Hello Bill! I went to check up on the exchange rates for e-Gold, and I found that they'll buy at the spot rate of $322 / ounce, but they will only SELL gold at over $400 / ounce, a 25% spread. As this is certainly a far-cry from their usual 2% spread, I wrote to Jim Ray and asked him why. Here is part of his response: "As everyone on this list is surely aware, there is a screwy situation in the precious metals (especially gold) markets. The published 'spot price' for gold does not seem to be the market clearing price for actual physical bullion. The prices published in the financial press are for paper gold, that is, for promises purportedly payable in gold. Anyone, however, who attempts to buy large quantities of actual physical bullion for immediate physical delivery/allocation is likely to be stonewalled. From our vantage point it appears that there is already a de facto 'holiday' involving the gold bullion banks. Slow delivery and rationing differs little from explicit default."