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

To: John Hunt who wrote (33298)	5/7/1999 5:37:00 AM
From: John Hunt	Read Replies (5) \| Respond to of 116762

Mitsui London Commentary On Overnight Gold Price Drop. Gold opened firm and continued to remain well bid for most of the day. In NY time, gold tried repeatedly to break through 290 to elect stops, but the selling was enough to keep a lid on things, with silver generally following the gold. The big news out this morning is that the Bank of England is to sell gold, Approx 400 of its 715 tons over the next few years. The market has gone from looking firm above 289 this morning to below 285, and looking rubbish. There will inevitably be profit taking waves, but the NY market is unlikely to come in and buy this so we feel there could be another 5 dollars on the downside. Lease rates may tighten as a kneejerk reaction to the Bank of England statement, there is good physical buying around these levels at 285, but I don't think it will hold it. Vols are up, but the information is lagging behind as all dealers are sorting out spot positions. mitsui-gold.com Ouch! :-((