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

To: long-gone who wrote (34896)	6/6/1999 11:25:00 AM
From: Gord Bolton	Read Replies (2) \| Respond to of 116764

Richard, I have to agree with you that it is most difficult to see behind the curtains. If this whole thing is straight forward and upfront it will have to go down as one of the silliest and most unresponsible busines transactions of all time. BOE is selling a large quantity of gold at a twenty year low created by their own announcement of their intention to dispose of their gold in this way at this time. If the BOE were looking after the best interests of their priciples in this transaction they could have sold their gold assets in small quantities through both the spot and futures markets with very little fan fare and definitely without significantly disrupting the market to their own detriment. There is a good chance that they might have acheived over $300.00 per ounce instead of a likely $250 to $260 per ounce. Could it be that there were in fact a whole string of LTCM type operations who were invovled in the gold carry trade and in trouble, especially with a rising gold price? How to bail them out without public scandle and political consequences? Why more cheap gold of course. That would give them breathing space and an opportunity to cover at a discount.