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

To: long-gone who wrote (33313)	5/7/1999 7:56:00 AM
From: Alex	Read Replies (2) \| Respond to of 116764

London--0815 GMT--May 7--AUD/USD has taken an swift early hit following the UK Treasury's announcement of a 5-part gold sale in 1999-2000, cutting its bullion reserves by 125 tonnes initially. Over the medium-term it will cut its holdings from 715 to 300 tonnes. The 99-2000 sales are roughly estimated to be worth around 1.26 bln USDs in total, broken into 5 parts ($250 mln each) the 1st auction being on Jly 6. Dealers report US players taking the opportunity to cash in gains made after the pair's recent run to 13-mo highs. AUD/USD peaked o/n at 0.6740, and was last bid at 0.6680, after falling to an intraday low of 0.6770 where support is seen from Thurs. 0.6645-50 below. (c) Copyright 1999 FWN futuresource.com

To: long-gone who wrote (33313)	5/7/1999 12:17:00 PM
From: Ken Benes	Read Replies (1) \| Respond to of 116764

Richard: The sale by Britain has been so predictable. If you recall, several weeks ago I wrote about the 8000 tonnes of overhang in the market. A lot of the liquidity that has been created these past years has come from the sale of leased gold. This is an integral part of the global financial system and you had better believe that all of the central banks will use every ounce of that overhang to prevent gold from rising. Apparently, gold challenging 290.00 created a bit of discomfort and bang out come the news. The scripts are already in print for the next rise in the gold price. It is time to face of the reality that gold has little chance of moving above 300.00 along as that 8000 tonnes is out there. Compounding the situation, you have Mr. Munk complaining about the activities of the cb's and the demontization of gold. This man has more to do with the demontization of gold than any one person. He was the one who took advantage and expanded the gold hedging program for his companies bottom line. He has got his bottom line, but he has little else than a commodity that he is selling. Thank you very much. Ken