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

To: Hawkmoon who wrote (53144)	5/23/2000 7:11:00 AM
From: long-gone	Respond to of 116764

World Gold Council: First-quarter gold demand rose slightly 2.31 p.m. ET (1931 GMT) May 22, 2000 NEW YORK ? Global demand for gold rose slightly in the first quarter from a year earlier despite a sharp decline in purchases by Americans, who were heavy buyers of gold coins last year as a hedge against possible Y2K problems, the World Gold Council said Monday. The London-based association said the demand for gold, mainly for jewelry, totaled 795.2 metric tons in the January-March period, up less than 1 percent from the 787.7 tons a year earlier. A metric ton equals about 2,204 pounds or 32,150 ounces. The first-quarter figure was held up by gold for jewelry, which rose 7 percent to 701 tons, the group said. Demand for gold as an investment was 94.2 tons, down 29 percent from a year earlier. The report, based on a quarterly survey by the nonprofit association of gold producers, noted that almost all of the drop-off in investment purchases came in the United States. "U.S. coin sales last year were exceptionally high on Y2K concerns,'' the report said in a reference to the computer problems that many feared would materialize at the millennium. "Elsewhere in the world, investment demand was virtually unchanged.'' George Milling-Stanley, the council's manager for gold market analysis, told a telephone conference that the drop-off was not unexpected. He noted, however, that most Americans appear to be holding on to the gold coins they purchased, suggesting they were still hedging against some disaster "like a large fall in the stock market or something like that.'' The council's latest survey said that the price for gold averaged $290.20 an ounce in the first quarter this year, up from $286.70 a year earlier and considerably above the 20-year low of $259.20 in the third quarter last year. Milling-Stanley said he did not expect prices to be depressed by plans by the United Kingdom, the Netherlands, Austria and Switzerland to continue sales of gold from their reserves. Switzerland's central bank on Monday said it has sold 8.9 tons of gold, bringing the total since sales started at the beginning of May to 15.4 tons. Milling-Stanley noted that Switzerland is among central banks that agreed in Washington last September to sell gold assets in an orderly fashion at a rate of about 400 metric tons a year over five years. "I believe there can be no shocks coming in terms of central bank sales,'' he said. He was not as pleased, however, with Britain's sales procedure, which he termed "disruptive bimonthly auctions.'' Britain sold 125 tons of gold by auction during its last fiscal year. It plans the sale of 150 tons this year, with the first auction scheduled for Tuesday. Milling-Stanley said he thought the markets already had taken the new supply into account. foxmarketwire.com

To: Hawkmoon who wrote (53144)	5/23/2000 9:05:00 AM
From: LLCF	Read Replies (1) \| Respond to of 116764

<How about those of us who would rebel against a Fiat valuation of gold in the thousands of dollars per ounce?> No, no, no... gold trades @ $275 now... so that's what it's worth! What's your problem? Now I hear you saying that everyone want's gold, and before you were saying it was outmoded... I mean which one is it?? It would certainly be a problem going on the gold standard AFTER the shit hits the fan and the dollar has lost confidence, that's for sure. Don't worry Ron, times are good, no on is going to seriously propose going back on the gold standard untill the dark times. DAK