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

To: TheBusDriver who wrote (52104)	4/30/2000 7:54:00 AM
From: Alan Whirlwind	Read Replies (4) \| Respond to of 116764

It means that the POG sucks. It sucks so bad that even gold bugs have lost interest and ply other topics to fill time because even they realize that the wait for the POG to do anything is seemingly endless. The POG sucked a year ago. It sucked a month ago. It sucked a week ago. It sucked a day ago. It sucks now. And it will suck well into the next millenium. So we wait and barf and pass time with small talk. It's not how it has affected POG in some way--it's how the POG has affected us.

To: TheBusDriver who wrote (52104)	4/30/2000 5:18:00 PM
From: Alex	Read Replies (2) \| Respond to of 116764

'Banks minimise impact of gold sales' April 30 2000 at 09:41PM By Ray Faure There is now a better understanding on the workings of the gold sales agreement announced in September last year between European central bank members and other leading official gold holders. This is according to Kelvin Williams, an executive director and head of marketing of the world's largest gold producer, South Africa's AngloGold. Williams said on Friday that while sales of gold by the Swiss National Bank (SNB) were likely to start soon, it was clear that these would be constrained by the ceiling on official sales agreed last September. "In addition, Swiss authorities have indicated that they are likely to effect such sales through conventional market channels rather than the exceptional method of lump sum auctions followed by the United Kingdom authorities," he said. Williams added that the Swiss bank had stressed that it hoped to avoid any negative impact on the gold market through their sales of gold reserves. "This has been a sentiment echoed also by Dutch Central Bank authorities. And sales of gold by Holland during the first quarter of 2000 were conducted in an efficient and non-disruptive manner," he said. The Swiss National Bank announced on Friday that it planned to begin sales as soon as possible. Williams said the market appeared to have found a level of support at around 280 US dollars per ounce in both the physical and traded markets for gold. "Physical demand for gold during the first quarter of this year has been healthy, and sell-offs in the equity markets have seen a measure of investor interest in gold," he said. He said the spot price for gold for the first quarter was just under $290 an ounce, compared with $295 for the fourth quarter of last year. But, the average price had concealed "considerable" volatility in the market when the spot price had traded between a low of $274 and a high of $319 per ounce. Much of the impetus behind the rally up to the highs, Williams added, had come from anticipation among short-term speculators about announcements regarding the price hedging policies of major gold mining companies. The speculation had generated a cycle of buying in February, but the market had since returned to trade in a tighter, but stable range of around $280 an ounce. Williams said the weaker rand, which was trading at about 6,52 to the dollar at the end of the first quarter and was last at a level of about 6,79 per dollar, had cash cost benefits for South African gold producers. "The weaker currency has also given important support to the local spot price of gold, which averaged R58,750 per kilogram for the first quarter, compared with an average price of R58,123 per kilogram for the final quarter of 1999," he added. - Sapa-INet-Bridge -------------------------------------------------------------------------------- iol.co.za