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Gold/Mining/Energy : At a bottom now for gold? -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (831)	10/26/1997 11:57:00 AM
From: Roebear	Respond to of 1911

Bobby, First response, still looking: biz.yahoo.com Roebear

To: Roebear who wrote (831)	10/26/1997 4:50:00 PM
From: Daytek77	Read Replies (2) \| Respond to of 1911

Roebear, The rejection is true according to Bloomberg news isued 6 p.m Friday. The fact that no know knows about it truly indicates how successful the world media has been in causing the action we saw on Friday. Here is the news report. Global Commodities Fri, 24 Oct 1997, 6:12pm EDT BN 10/24 Global Commodities: Gold Plunges on Swiss Gold Sales Plan London, Oct. 24(Bloomberg) -- The following is a summary of the latest global commodity markets worldwide: GOLD IN LONDON, gold plunged near a 12-year low after a Swiss government panel said the nation's central bank should get rid of 1,400 metric tons of its gold, heightening expectations of a further wave of central bank gold sales. The panel, which included the head of the treasury, said the Swiss National Bank could transfer more than half of its gold to the government and Switzerland's 26 cantons, who might then sell it gradually. The bank would be left with 1,190 tons. While the proposal was rejected by the Swiss government, which reaffirmed a previously announced plan to sell 400 tons in a 10-year period, it was taken by investors and traders as another sign that the world's central banks and governments don't regard gold as a cornerstone of the monetary system anymore. ''This is another nail in the coffin in the idea that gold is a key monetary asset for central banks,'' said Kamal Naqvi, a precious metals analyst at securities house Macquarie Equities Ltd. in London. ''It encourages investment funds to say 'enough is enough, let's sell out of gold because it doesn't have a future for the next two or three years.''' Gold for immediate delivery dropped as much as $8.50, or 2.6 percent, to $315.15 an ounce. In NEW YORK, gold for December delivery fell as much as $8.70, or 2.7 percent, to $316 an ounce on the Comex division of the New York Mercantile Exchange. The report states they will try to have a referendum on the sale of 400 tonnes over a 10 year period. This would not impact the markets at all, yet the majority of people believe 1400 tonnes have been sold or will be! As an aside, there was a Front-page headline in the Financial Post of Canada which stated "Gold Hammered". The gist of the article was the approval in principle of the sale of 1400 tonnes. Buried on page 71 of the same publication in the commodities section was the report I posted above. If the media reports all the news in this haphazard way then how can one believe what any newscaster says? Tony