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

To: Enigma who wrote (23331)	11/23/1998 6:19:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116741

Gold/dollar+yen=15% Can this be approached as simple equation?

To: Enigma who wrote (23331)	11/23/1998 6:40:00 PM
From: marcos	Read Replies (3) \| Respond to of 116741

Would they maybe pick a date, say the formal inauguration of the ECB, and mark the bullion to market as of that date? ... and not worry about subsequent fluctuations ..... or perhaps pick quarterly or annual dates on which to mark to an average market price over the period? .... it'll be interesting to watch, and far more important imho than all this y2k panic and '29alloveragain doomsday scenario nonsense.

To: Enigma who wrote (23331)	11/23/1998 7:33:00 PM
From: goldsnow	Respond to of 116741

23 November 1998 New focus on gold traders Producers band together in bid to increase transparency in derivatives and futures markets David McKay THE world's leading gold producers, including Anglogold and North American rival Barrick Gold, have banded together in an attempt to increase transparency in the speculative gold trading market which has been blamed for the drastic decline in the metal's price since 1996. Bobby Godsell, the CE of the world's largest gold producer, Anglogold, said yesterday producers of more than half of the world's gold output, about 36-million ounces a year, were represented at a brainstorming session in London on Saturday. The intention was to "turn the spotlight on" gold trading, particularly in the derivatives and futures markets. This is the first time major gold producers have assembled to discuss strategies on commonly held market concerns. The meeting comes against the background of a poor gold price, which fell performance which has seen bullion slide from more than $400/oz in early 1996 to about $260 earlier this year. It is now about $295. A report back on progress made at the meeting is planned for February or March. The proposals will also be taken to the World Gold Council whose responsibilities the producers hope to broaden rather than replace. "The aim of the meeting was to broaden and deepen the pattern of co-operation between the world's gold producers and initiate dialogue with market makers. We want to find out who the market players are," Godsell said. The producers hoped to introduce smaller and medium-sized companies to continual dialogue. Harmony MD Bernard Swanepoel, whose company is not a member of the World Gold Council, said he backed the initiative. It would be useful if it could help producers to understand the gold market. Only 10% of gold trade is conducted on official exchanges such as Comex or Nymex. The remaining 90% is conducted over the counter. There is a body called the Commitment of Traders which attempts to monitor these transactions, but market traders are not bound to report to it and its findings are not regarded as being representative. BOE Securities Gerard Kemp said traders closely guarded their positions on gold, but the producers believed they could change the sentiment about gold. He believed this might be difficult to do. One of the major depressants of the gold price recently has been sales by central banks of portions of their gold reserves, contributing to the common perception that the metal is no longer a store of wealth. However, Godsell said "the fear of disruption" caused by central bank sales appeared to have gone away. bday.co.za