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To: KyrosL who wrote (76694)	3/7/2001 2:48:41 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

you are missing several things. a) of those 30K tons, between 12K-17K have been lent out, and are very likely GONE. b)of the official gold holders, the biggies aren't selling (that includes the US treasury, Bank of France, BuBa, ECB). those 4 alone hold about half of the official reserves. c) the sellers HAVE sold, or are in the process of concluding their sales (BoE will soon be finished...two thirds of the planned sale have been finalized), with the exception of the Swiss CB, which is selling so slowly as to not have any material effect on the market. then there are CBs that are actually buying...like e.g. the Russian CB...Taiwan also frequently buys, and i suspect that China is buying as well (China has made an agreement with the Rand refinery, and is buying directly from there). altogether there are about 125,000 tons of gold above ground, and about half as much left to be mined. that's a very finite supply, and amounts to very little in terms of fiat money (of which there is a mountain that grows at a stunning pace). in the meantime the world's population (natural demand) keeps growing... a small shift in investment demand is all it will take to light a fire under gold.