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

To: Alex who wrote (4097)	12/10/1997 9:37:00 AM
From: Greg Ford	Read Replies (1) \| Respond to of 116871

Alex, there has been a hugh move in silver, up from $5.47 to a high of $5.84. Gold has moved on the back of silver. Greg

To: Alex who wrote (4097)	12/10/1997 9:52:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116871

Hi - If Searle on the gold scrolling forum has been correct..he has been looking at weak dollar to turn gold..(I think that is what he has been writing).. this could be the beginning.. also huge amounts of money have been coming into mutual funds..just heard a billion a day for the past three weeks..if the market can't fly with those positive money flows and positive time of the year.. watchout.. also the brokerage backing down from buying H& Q suggests that maybe people are realizing that money will no longer flow so much into new high tech equipment but remediation for year2000..that is people..not hardware..(Oracle's latest release might be the beginning of the tip of the iceberg) anyways..if Japan really floats those bonds..if their fed has so much cash..swish...people can get out of dollar and go the Japanese root?..even if Japanese doesn't dump US bonds..if the dollar starts to devalue..other people might sell US bonds to avoid currency depreciation.. anyways..maybe this is signalling beginning of gold rebound.. we all haven't seen anything about US selling their gold.. remembering again and again that Rubin didn't want US to put social security fund into equities..also Rubin didn't want us to sell gold for IMF funding(hope somebody can double check that) bobby

To: Alex who wrote (4097)	12/10/1997 10:07:00 AM
From: Dwight Taylor	Read Replies (2) \| Respond to of 116871

Alex--what site do you use to see daily updates of gold. Thanks, Ben

To: Alex who wrote (4097)	12/11/1997 4:59:00 PM
From: goldsnow	Read Replies (5) \| Respond to of 116871

Window dressing for EMU nothing sold-nothing bought! Italy says gold transaction all above board 11:23 a.m. Dec 11, 1997 Eastern ROME, Dec 11 (Reuters) - A tax gain on the sale of gold from the Italian Foreign Exchange Office (UIC) to the Bank of Italy (BOI) can be used to cut Italy's 1997 deficit and is not window-dressing, a senior UIC source said on Thursday. The source told Reuters that the UIC had sold its entire gold holding -- 540 tonnes -- to the Bank of Italy in July. The Bank netted a capital gain of around seven trillion lire ($4 billion) on the transaction, on which it paid a tax to the Treasury of some 3.5 trillion lire. That gain to the Treasury translates into a cut of roughly 0.175 percent in Italy's deficit-to-GDP ratio. European states wishing to qualify for economic and monetary union have to cut their deficits to three percent of GDP in 1997 and Italy, once considered a rank outsider, has now said it will definitely hit the target this year. The European Union's statistics agency Eurostat, which sets and monitors accounting criteria, said earlier that it was studying the internal gold transaction and was seeking more details from the government, but the senior UIC source said the operation was completely above board. ''There is no need for approval,'' he said. ''It's not window-dressing. There is no need for formalisation or authorisation. It is a transaction like any other.'' He said that since the 3.5 trillion lire was a tax, it went into Treasury coffers just like any other taxes and therefore could automatically be used to cut the deficit. Eurostat officials were due to meet Italian officials at Istat, the state statistics body, on Friday and the gold issue would be top of the agenda, Istat said. But the UIC source stressed it was a routine meeting, one of more than 50 that have already taken place with Eurostat this year. He said he could not understand the fuss over the gold transaction, describing it an operation carried out in accordance with legislation. The 540 tonnes of gold sold by the UIC, a division of the Bank of Italy, had been handed to the office by the central bank in 1976 to secure a German loan. Although the loan was repaid in 1978, the gold remained in the UIC, appreciating in value to seven trillion lire more than its 1976 value. The source said the UIC now held no gold. Copyright 1997 Reuters Limited. All rights reserved.