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

To: long-gone who wrote (56061)	7/11/2000 11:45:41 PM
From: lorne	Read Replies (1) \| Respond to of 116893

Bridge Futures Outlook: UK Auction Hurting Gold Again "Gold is going to do exactly what it's done historically," said Leonard Kaplan, president of Prospector Asset Management. "It tends toward lows before the sale, then tends to rally, assuring the Bank of England the worst possible price." Full story >>> futuresource.com

To: long-gone who wrote (56061)	7/12/2000 12:28:04 AM
From: Rarebird	Read Replies (1) \| Respond to of 116893

Richard, it is possible that Gold and the XAU haven't bottomed out yet. It depends on a number of factors: 1) The dollar. Has it topped out yet? 2) The US equity market. What happens if the Dow, S@P and Nasdaq hit new highs? It could very well happen. 3) Crude Oil. How low will it go? Will it stop at $25 a barrel like most people expect? 4) Economic Growth. What will we see when we get the first estimate of GDP for the second Quarter later this month? Does Goldilox make another encore? It can happen. What concerns me here is that volume has become very weak on some days lately in some of the XAU stocks. Bear markets sometimes end on a retest of the lows (August 98 low on the XAU and Summer 99 low on the POG) before a rally becomes sustainable and a bull market begins. Sometimes fresh new lows are hit. (They can be marginal new lows.) Sometimes an index will just languish for a while with a downward bias before a catalyst comes along to change the major trend. Gold desperately needs the dollar to decline and the equity bubble to burst. Economic growth needs to slow down dramatically. It looks very promising for Gold moving forward, but after 18 years of the greatest bull market in history, market participants will give every benefit of the doubt to equities over Gold until the handwritting is explicitly on the Wall and there is no shadow of a doubt. Gold Stocks are cheap. But there are a lot of unanswered questions that need to be resolved to break the Gold Bear.

To: long-gone who wrote (56061)	7/12/2000 1:04:05 AM
From: Zardoz	Read Replies (1) \| Respond to of 116893

Rumor says 6X over subscribed - sure hope they're right. I wouldn't want to own gold stocks going into the UK sale. Not because this could be 6x over subscribed, but because it may have to many sucker bids in. Today's rally in the XAU is from an over sold position to a neutral position. Come tomorrow if the bids are weak, you could end up much like the first sale, a washout sale. Over subscription is not as important unless it is above market price appreciable. Hutch... Gold = Pavement... still laughing

To: long-gone who wrote (56061)	7/12/2000 8:10:59 AM
From: Rarebird	Read Replies (1) \| Respond to of 116893

Bank of England sells gold at $279.75/oz: Just 1.3 times oversubscribed. LONDON (Reuters, 12 Jul 2000 -- - The Bank of England sold 25 tonnes of gold, or 803,600 ounces, at $279.75 a troy ounce on Wednesday, a price below market expectations. The sale was just 1.3 times oversubscribed, with a scaling factor of 2.6667 percent applied to the successful bids at $279.75, the Bank of England said. The auction attracted bids totalling 1,046,400 ounces. Immediately before the auction, spot gold was indicated at $282.00/$282.50. It fell to $279.65/$280.15 after the result. Bullion dealers had expected an auction price around the morning fix of $282.85. The auction was the second of a second series aimed at cutting Britain's 715-tonne gold reserves by 415 tonnes. The third sale of the latest set will be on September 19, the Bank of England said.