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

To: long-gone who wrote (2409)	10/24/1997 1:35:00 PM
From: Alex	Read Replies (3) \| Respond to of 116892

Richard, my problem is that I'm already way overweighted in the gold sector as compared to my normal weighing. Dispite all the bad news I am really not down that much on average, even after todays hysteria. I can't imagine any CB wanting to sell gold after witnessing what is happening to paper in Asia. There is safety somewhere, question is, is it gold or the currency of the worlds largest debtor nation? Just watching the cracks form.

To: long-gone who wrote (2409)	10/24/1997 3:36:00 PM
From: Richnorth	Read Replies (4) \| Respond to of 116892

Richard, Gold did not go up because 1. Hong Kong investors lost BIGTIME and did not have the cash to buy gold. Worse, they had to sell their gold to raise cash to cover their losses; 2. Switzerland plans to sell 1400 tons of gold (subject to vote) in 1999. Since a threat is worse than the execution of it, gold sank more than was warranted. What is worse is that since Switzerland (a country with the reputation of backing its currency with gold) would contemplate selling gold, other countries are likely to think it is OK to sell gold and announce gold sales in the foreseeable future! I hope the citizens of Switzerland will vote against selling their gold. Richnorth