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

To: Rarebird who wrote (33322)	5/7/1999 9:30:00 AM
From: Enigma	Read Replies (2) \| Respond to of 116762

Looks like 800,000 ounces a time. This compares to 600,000 in previous IMF auctions - or was it the US treasury auctions? I believe we had a sharp sell off then when the auctions were announced - and then the auctions were oversubscribed and it was onwards and upwards for gold. It's difficult to know what to think this time round. If the auctions succeed - i.e. price recovers and there are lots of bidders - will it encourage others to do the same? On the other hand if the auctions are a failure and keep the price down will there be the opposite effect and IMF sales will fade away? Also can we expect some statement or action from a group of producers? Also will some CB's like Taiwan, Japan, be among the buyers at the auctions? I've wondered if Japan's lobbying for increased IMF sales wasn't because they wanted to shake some loose to buy. On the other hand the UK were doing the same and they are selling. The only positive thing about the UK announcement is that the gold will be sold by auction - so bidders will line up in an orderly way - I expected that any IMF or Swiss sales would be handled in the same manner. d