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To: LLCF who wrote (19648)	9/19/2000 4:25:58 PM
From: pater tenebrarum	Respond to of 436258

this isn't the last time we'll hear about lower revenues...the confessions will begin to proliferate...

To: LLCF who wrote (19648)	9/19/2000 6:42:00 PM
From: re3	Respond to of 436258

read the end bit, ho ho ho... KAPLAN'S CORNER: QUESTION: What did you think about today's Bank of England auction of 25 tonnes of gold? ANSWER: The result was exactly what classic economic theory would dictate: in any auction in which the quantity is known far in advance by all participants and the price is to be determined, the price will drop immediately before the auction so that the seller will get the lowest valuation possible, then the price will rebound exactly to its pre-auction level. Thus, gold dropped from $272.50 to $270.60 spot just long enough for the sale to be completed, then rebounded immediately thereafter to $272.50. It is indeed surprising that, given repeated periodic sales at intermediate-term lows, the Bank of England does not sell gold the way that the Swiss and other central banks do. Perhaps the British are still subconsciously attempting to atone for the excesses of their once-great empire; since the buyers of the gold are primarily from Britain's former colonies, perhaps this is serving as a sort of karmic repatriation of wealth.