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

To: Terry Swift who wrote (45351)	11/27/1999 3:35:00 PM
From: skelly	Read Replies (1) \| Respond to of 117047

How the gold auctin works on Monday: Back to Gold-Eagle From the announcement of the third BOE gold auction on 29 November 1999 (Flambeur) Nov 27, 13:00 muscat.com "The auction will be open to London Bullion Market Association (LBMA) members, and to central banks and other international monetary institutions holding gold accounts at the Bank of England." "Bids submitted by SWIFT must be received by the Bank of England not later than 11:30am, London time, on 29 November 1999." "Bids must be in multiples of 400 ounces of gold; the minium bid size is 400 ounces. Prices bid must be in US dollars in multiples of 5 cents per ounce bid." "The auction will be conducted on a single, or uniform, price basis. Valid bids will be ranked in a descending order of price, and allotments will be made in multiples of 400 ounces to applicants whose bids are at or above the lowest price at which the Bank of England decides that any bid should be accepted (the "lowest accepted price"). Applicants whose bids are accepted will be allotted gold at the lowest accepted price. Bids above the lowest accepted price will be allotted in full at the lowest accepted price." "The Bank will announce the total amount of gold bid for, the lowest accepted price...and the amount of gold allotted by 12:15pm, London time, or as soon as possible thereafter on the day of the auction." Assuming a lowest bid of $300/oz., the minimum transaction need be no more than $120 000. This means all central banks and gold producers, no matter how small, can participate. Wonder how oversubscribed the auction will be? If it is several time oversubscribed, that could well spark another rally in the price of gold. At least I hope so.