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

To: robnhood who wrote (11189)	5/3/1998 9:26:00 PM
From: Dundee Maples	Respond to of 116815

From kitco: Date: Sun May 03 1998 21:16 A.Goose (You bet Friday was designed and implemented as another lie to shoake gold holders,) ID#20135: Copyright c 1998 A.Goose/Kitco Inc. All rights reserved Date: Sun May 03 1998 21:00 MoReGoLd Yes, it was another false story used to drive gold through some technical levels. It was released shortly before market close and retracted shortly after market close. Now they hope everyone will forget why gold dropped, but focus on that it did drop. The paper gold players happily jumped on the band wangon trading 5.2 million paper gold ounces on comex. eligible gold remained unchanged at 162,312 ounces. It is a paper game. New York-May 1-FWN--GOLD FUTURES HAVE FALLEN HERE AFTER an FWN news story quoted the Belgian finance minister as saying the National Bank of Belgium will undertake further sales this year, floor sources reported. The news caused the June contract to fall below the previous day's low of $306.50, and stop-loss orders were triggered, said a floor source. The June contract has fallen as far as $305. Belgian Finance Minister Philippe Maystadt said the sales of gold would be to help the country reduce its national debt ahead of European economic and monetary union and would be part of other measures, such as privatization of state companies. Closing N.Y. Metals: Lower; Gold Falls on Belgian Reports New York-May 1-FWN--NEWS REPORTS OF MORE PROSPECTIVE gold sales by Belgium's central bank--later denied--drove gold futures sharply lower in late trade today, floor sources here said. The move was accelerated by technical factors as stop-loss orders were hit. The rest of the precious metals complex also ended softer, with silver heading lower in sympathy with gold. Meanwhile, platinum and palladium were lower most of the session as the market begins to anticipate the resumption of Russian supplies, even though formal talks between the Russians and Japanese have not begun and a start-up date of shipments is still unknown. At least three news services quoted Belgian Finance Minister Philippe Maystadt as saying the National Bank of Belgium will undertake further sales of gold this year in order to reduce its national debt ahead of European economic and monetary union. "Everyone started selling on the back of that, and once we went under $306.50 ( basis June ) , then we saw some stop- loss selling," one floor source said. Since those reports, however, Belgium's Ministry of Finance secretary-general, Gregoire Brouhns, told FWN that Maystadt was talking about sales earlier this year and not future gold sales. A couple of traders cited heavy trade selling, with one adding that there was also producer and speculative selling. Brussels, Belgium-May 1-FWN--BELGIUM IS NOT ENGAGING IN any new gold sales, Ministry of Finance Secretary-General Gregoire Brouhns said here today. Brouhns told FWN that Belgium had made a gold sale earlier this year and the proceeds of that sale will be used to reduce Belgium's debt. Belgium is going to pass a law to obtain permission from Parliament authorizing the government to use the profits from the sale toward its debt. Belgian Finance Minister Philippe Maystadt was misquoted earlier today about gold sales, according to Brouhns. Maystadt was talking about the sale earlier this year by the National Bank of Belgium and not any new sale, Brouhns said.