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To: hunchback who wrote (32835)	4/29/1999 2:45:00 PM
From: Enigma	Read Replies (1) \| Respond to of 116756

The sales were by auction, I believe 600,000 oz. a pop, and as far as I remember, they were always oversubscribed and the price kept rising - these were the sales in the late 70s or early 80s - there were also I think sales around this time by the US Treasury Dept - so I may be confusing one with the other. If there was an intention at the time to keep a lid on the price it backfired - it was like pouring gas on an open fire. I don't think the numbers were ever divulged but it was rumoured that some auctions were oversubscribed by 5 X the amount offered. d

To: hunchback who wrote (32835)	4/29/1999 2:50:00 PM
From: Robert J Mullenbach	Read Replies (2) \| Respond to of 116756

Still think they should mint year 2000 coins. I think the demand for coins in the year 2000 will be unreal. with prices this low for the metals, and people want to collect the first year, IMF should get the coins minted for the people to buy for aid to the poor. that would make a nice coin, and help the poor nations. If I remember right, the IMF sales of past , gold went up.!!!

To: hunchback who wrote (32835)	4/29/1999 3:43:00 PM
From: Alex	Respond to of 116756

Closing N.Y. Metals: Mostly Higher; Gold Up on Short Covering <Picture> New York-April 29-FWN--Gold futures surged late today on technically-inspired short covering, while silver continued to rise on fund buying and palladium firmed on profit taking on short positions. The only metal to finish with a softer tone was platinum, but it managed to trim its earlier losses after bouncing off support. June gold was around $284.50 late in the day, before suddenly spiking to a session high of $287.90 and settling with a $2.10 gain to $286.20. "I think it was more of a technical situation than a fundamental one," said Dave Meger, metals analyst with Alaron Trading. He reminded that gold has had to absorb a fair amount of bearish news lately, including early this week when U.S., U.K. and Japanese finance officials all suggested sales of International Monetary Fund gold reserves--to provide debt relief to poor countries--should be around 10 million ounces. This was toward the higher end of the market's expectations. "That issue is becoming more and more factored in," said Meger. "As the market absorbs that bearish news, you have that much more potential to see some sort of a technical short-covering rally, and that's what you're seeing." He pointed out that the market held support around roughly $282--dipping as far as $281.60 but recovering-- earlier this week. "As short as the market was, I didn't think you were going to see any more aggressive selling below $282," he continued. "I think the shorts were going to feel very uncomfortable with those prices. "So off of that, you saw this short-covering rally." The move also could be termed a "lack-of-selling" rally, added Meger. It is well known in the market that the funds have been heavily short. Friday's Commitment of Traders report showed that the large non-commercial category--which includes funds--had reduced their net short exposure, but nevertheless the data still showed this caategory short 85,765 and long only 12,075. Meger put support for the June gold at $284, then $282. The market moved through initial resistance around $286, and the next levels are seen at $288 and $292. More to follow... (c) Copyright 1999 FWN futuresource.com