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

To: long-gone who wrote (33305)	5/7/1999 7:22:00 AM
From: Alex	Read Replies (3) \| Respond to of 116764

Euro firm on Kosovo hopes, gold crumbling on British sales plan London, 12:15 SA time (Sapa-AFP) - The euro held firm against the dollar in Europe early on Friday, sustained by continuing optimism of a breakthrough in the Balkans crisis, although traders were cautious before publication of US unemployment data. Gold meanwhile took a pasting after the announcement by the Bank of England that it would sell 415 tons - more than half of its gold reserves. The price of spot gold slumped to 283.50 dollars an ounce by mid-morning from 288.75 dollars at the close of trade on Thursday. At the same time, the euro was changing hands at 1.0797 dollars, slightly firmer than its London closing level on Thursday of 1.0780. The dollar itself was slightly weaker against the yen at 120.52 in London from 120.53 earlier in Tokyo and 120.74 here on Thursday. The dollar however is seen strengthening particularly if US unemployment figures from April, scheduled for release at 14:30 SA time, show that the economy really is as inflation-prone as US Federal Reserve chairman Alan Greenspan fears. In a speech on Thursday, Greenspan warned that imbalances in the US economy and a tighter labour market could spill over into higher inflation. His remarks were interpreted as a warning of a possible interest rate hike if the economy flirts with inflation. The euro, which has laboured under multiple pressures since its launch at the start of the year, has gained respite this week from the positive noises on the Balkans crisis, which has nagged at the European unit for more than six weeks. From a Monday low of little more than $1.05, the single currency broke through the $1.08 threshhold on Thursday before settling, and was marking time on Friday as traders paused for breath and keenly anticipated the US data. "The good news about Kosovo has already been factored in" by the market, said Audrey Childe-Freeman, an economist with the Canadian Imperial Bank of Commerce (CIBC). The pound meanwhile was fading against most major currencies on Friday after the Bank of England decided Thursday to leave base rates unchanged at 5.25 percent. Market players took this as a cue to take profits after several days of healthy progress for the pound, but Childe-Freeman said it would take further central bank comment to talk sterling down any further. The euro was being traded at $1.0796 from 1.0780, 130.07 yen from 130.05, 0.6605 pounds from 0.6570 and 1.6062 Swiss francs from 1.6072. The dollar was being traded at 120.52 yen from 120.74 and 1.4885 Swiss francs from 1.4913. Sterling was being traded at $1.6338 (1.6400), 196.88 yen (197.94) and 2.4293 Swiss francs (2.4462). The gold spot price fell to 283.50 dollars an ounce from $288.75. from E-data barney.co.za

To: long-gone who wrote (33305)	5/7/1999 7:39:00 AM
From: Alex	Read Replies (2) \| Respond to of 116764

This is deliberately being done to disrupt the gold market. Why else pre-announce it?

To: long-gone who wrote (33305)	5/7/1999 7:52:00 AM
From: lorne	Read Replies (3) \| Respond to of 116764

Hi Richard. What also should be clear to all is the fact that these would be world rulers don't care if the whole world knows they are manipulating the price of gold any more than they care what the world thinks of their bombing of a sovereign nation. IMO its all about power and control and I think these would be world rulers feel they are at the point of no return and all will accept their rules or perish. Now China could be a bit of a stumbling block to their plans, Russia is already bought off not a problem??? Lorne