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

To: Crimson Ghost who wrote (56126)	7/12/2000 3:47:29 PM
From: Rarebird	Read Replies (3) \| Respond to of 116816

< You may be unique in this respect.> I do invest and position trade gold stocks and tech stocks. The gold stocks only have value in relation to the POG and the value of the Dollar. I don't think I'm right yet. The key level is 4100 on the COMP. If that is taken out on a closing basis, I think you'll get further technical buying, some more consolidation and choppiness at higher levels and then some more rallying into Labor day. There are some value players in the gold stocks who invest in equities too.

To: Crimson Ghost who wrote (56126)	7/12/2000 4:48:33 PM
From: pater tenebrarum	Respond to of 116816

World Gold Council comments on BoE auctions: NEW YORK-- ( BUSINESS WIRE ) --July 12, 2000--The result of today's auction of 25 tonnes of the UK gold reserves - the seventh in a regular sequence - is a disaster for both the British taxpayer and the international gold market, says the World Gold Council. ``This proves what we have been saying all along,'' said Miss Haruko Fukuda, Chief Executive of the WGC which is headquartered in London. ``The government is engaged in a give-away of one of the cornerstones of the UK's economic sovereignty. Just look at the figures: in the morning's London fix, gold was priced at $282.85 per troy ounce, and the government then sold 25 tonnes at $279.75 an ounce, $3.10 below the fix. The government has lost almost $2.5 million of taxpayers' money in the space of one hour,'' added Miss Fukuda. The WGC has long argued that it is wrong in principle to sell off 415 tonnes of the UK's gold reserves, leaving the country ultimately with just 300 tonnes, which will represent just 7 per cent of the country's total reserves. Today's result also demonstrates that the chosen method of sale - via very high-profile auctions occurring at regular, bi-monthly intervals - serves only to depress market sentiment, securing a very poor deal for the Treasury. Other countries that have sold their gold - such as Switzerland and the Netherlands - have opted for much more discreet forms of disposal, through the Bank for International Settlements. If the UK government insists on selling British gold, the UK should follow their example and use the BIS or sell through the London gold fix. seems they haven't really caught on yet re. what the auctions are all about...