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

To: Zardoz who wrote (24094)	12/10/1998 5:33:00 PM
From: goldsnow	Respond to of 116972

Hutch, you know why..Today was a focus day...Dollar is weak (trade deficit, Brazil, impeachment, lay-offs so on) so market focused on that, nothing good deflationary enviroment, Yen look good but Japan terrible, Euro look stronger than dollar but also terrible..so what to do...maybe people buying coins are not so stupid after all....if 15% good for ECB, perhaps 5-15% good for Hutch?

To: Zardoz who wrote (24094)	12/10/1998 5:39:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116972

Swiss gold sales face first hurdle next week 12:33 p.m. Dec 10, 1998 Eastern ZURICH, Dec 10 (Reuters) - Switzerland's proposal to sell some 1,300 tonnes of excess gold reserves faces its first hurdle in parliament next week when the lower house is set to vote on a constitutional amendment that would allow the sale. The amendment severing the Swiss franc's official link to gold is scheduled to come up for the vote in the lower house of parliament on Thursday, December 17, a spokesman for the parliament in Berne said. If adopted, the measure would then move to the upper house for a vote in early 1999. The exact timetable has not yet been set. If both houses of parliament approve, the measure must still be blessed by Swiss voters in a referendum that is unlikely to be held before 2000. ''The fate of this whole thing will not be clear before 2000,'' a finance ministry official said. According to the plan, the Swiss National Bank could revalue its 2,590 tonnes of gold reserves at some 60 percent of the market price. Reserves are now valued at 4,595 Swiss francs per kilo, just over a third of current market prices. This would let Switzerland gradually sell up to 500 tonnes of excess gold to finance a proposed humanitarian fund for victims of poverty and disasters. It could sell the other 800 or so tonnes for general budget purposes. Swiss officials have stresed they would spread any sales over several years to minimise the impact on the gold price. ((Zurich newsroom +41 1 631 7340 fax +41 1 202 5538, zurich.newsroom+reuters.com)) Copyright 1998 Reuters Limited.

To: Zardoz who wrote (24094)	12/10/1998 5:41:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 116972

Hutch... 2¢ worth: 1.US$ gapped down strongly despite Brit rate cut. 2.DOW diving so XAU participated with bonds in safe haven. 3.Some short covering since further deteriorization in the xau is 50/50at best(short term) and gold hasn't been knocked back down to 290 but has turned back up a bit. Actually, NEM had sizeable volume last Friday showing a first sign of a possible reversal.