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

To: Alex who wrote (24496)	12/17/1998 4:47:00 PM
From: John Mansfield	Read Replies (2) \| Respond to of 116815

'SWISS GOLD SALES ARE Lächerlich" !!!!! (laughable) (Schweitzer) Dec 17, 15:47 NEM: Thank you for the info about the Swiss gold "sales." You specifically quoted the Swiss Central Bank (SNB) as saying If by some miracle the sale was approved , the SNB said that "the GOLD would be sold 50t by 50 t over 20 years." Let us examine the "gravity" of SNB's "monumental" statement... and what possible impact the Swiss gold "sales" might have on the market gold price. The SNB will sell 50 tonnes early - that's about 1.6 million ounces per year. There are about 220 trading days in a year. Therefore, the SNB will be "dumping" the "grand" total of 7,600 ounces of gold daily on a "hapless" market place. Let's put the "grand sum" of 7,600 ounces/day into proper perspective. Everyone should recall the LBMA trades between 30,000,000 to 40,000,000 ounces of gold DAILY - FIVE DAYS A WEEK - 52 WEEKS PER YEARS - with but a few hloidays sprinkled in. Consequently, The feared annual gold "dumpting" of the SNB represents a minuscule 0.02% of One Per Cent. For those who are 'per cent' challenged, the SNB sales may be expressed differently. For every one SNB gold ounce sold, London trades 4,605 ounces! EVERY SINGLE DAY! Am I missing something here... or is the "fear" of Swiss gold sales outrageously laughable? Has not this perrennial nonsense just been a ruse to confuse the really uninformed (if not totally ignorant) gold investor? "Das ist schon sehr lächerlich" - ein Gnome aus Zürich gold-eagle.com