Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Richnorth who wrote (26542)	1/20/1999 10:51:00 AM
From: long-gone	Respond to of 116762

All, Read these stories one then the other. Tell me there is no manipulation in the price of gold. Frankfurt--Jan 19--European Central Bank President Wim Duisenberg said today that the fall in total gold reserve assets registered in the ECB weekly statements on Jan 15 compared with Jan 8 could be due to differences in accounting valuations. Speaking to journalists here on the sidelines of a reception Duisenberg also indicated that the 9 million euro drop in gold was not due to any central banks sales of gold on the open market. By Lita Olbrich, Bridge News, Story .12860 crbindex.com Yahoo! Travel - book airline tickets, hotel rooms, cruises, rental cars [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] ----------------------------------------------------------------------- Gold softer on ECB bullion sale news, PGMs firm LONDON, Jan 19 (Reuters) - Gold edged slightly lower in late European trade on Monday on news from the European Central Bank (ECB) that one European national central bank had made a small gold sale in the past week. Gold was last quoted at $286.20/$286.70 a troy ounce from the previous London close at $286.70/$287.20. Dealers said gold briefly reacted to the news that one NCB had sold around nine million euros worth of gold which is about 36,400 ounces or 1.13 tonnes of gold. Traders said gold came off a little at the unexpected news but recovered later amid short-covering following the return of U.S. traders after the Martin Luther King Day holiday. "It did come off a little bit but is holding surprisingly well. What has happened over the last couple of weeks is that the funds have been on another sell spree, so the market is incredibly short. ''So anything negative like that will just bring in short-covering,'' one dealer said. He said in theory the news had to be bearish because it was unexpected and given that it was an European central bank which sold the gold. ''I am a bit surprised that it didn't react but it shows you how short the market really is,'' the dealer said. The ECB did not say in its regular weekly consolidated financial statement which bank has sold the gold. Silver fell lower and was last quoted at $5.08/$5.10 against the previous London close at $5.12/$5.15 a troy ounce. The platinum group metals ignored news from Russia that the country's 1999 PGM exports had started although dealers remained sceptical about the news. A source close to President Boris Yeltsin's government said the first shipments of Russian PGMs for this year have already reached the world market. ''The deliveries (of PGMs) have already started,'' the source told Reuters. ''The metal is already on the market,'' the source said, adding that only small quantities had been sold. He would not give further details. He added that Russian President Boris Yeltsin recently signed the decree setting PGM export quotas for 1999, which were later coordinated with the Trade Ministry. ''The quotas are roughly the same as in 1998,'' the source said. Analysts and dealers said they had heard that around 300 kilograms of PGMs had been sold into the market. ''We are a bit sceptical that it could be residual sales from last year,'' independent PGMs analyst Ross Norman said. Platinum was last quoted at $352.00.50/$354.50 an ounce compared to the $353.00/$355.00 close in London. Palladium was higher and last quoted at $320.00/$325.00 against the close at $314.00/$319.00. I'm sending this to my Senator.