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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Ron Everest who wrote (1257)	6/13/1999 1:40:00 PM
From: Exsrch	Read Replies (1) \| Respond to of 3558

Ron, Checkout the news regarding the agreement to sell gold for debt relief. G-7 finance ministers OK gold plan By Tom Bemis, CBS MarketWatch Last Update: 8:10 PM ET Jun 12, 1999 NewsWatch FRANKFURT, Germany (CBS.MW) -- Finance ministers of the Group of Seven leading industrial nations have reportedly agreed on a plan to sell up to 10 million ounces of IMF gold to finance debt relief for for poor countries. The plan, approved at the ministers' meeting in Frankfurt, Germany, must still be approved at next week's meeting of the G-7 leaders, Bloomberg reported. The move to sell gold follows a decision by the Bank of London earlier this spring to sell some of its holdings, a move that sent gold on slide that has seen it hit 20-year lows. ''There was agreement in principle from all countries supporting the sale,'' Bloomberg quoted U.K. Chancellor of the Exchequer Gordon Brown as saying. The agreement suggests Germany has shifted its views on the sale, according to the report. The German central bank had held that gold should remain in reserve against future crises. IMF gold sales have been considered since late 1996. On Friday August gold edged higher after the Danish, Greek and Russian governments denied they have made any central bank gold sales. See Futures Movers. Gold stocks also rose. Homestake Mining (HM: news, msgs) added 1/16 to 8 1/8. Placer Dome (PDG: news, msgs) rose 5/16 to 11 1/16. Newmont Mining (NEM: news, msgs) added 5/8 to 18 7/8. Barrick Gold (ABX: news, msgs) rose 7/16 to 18 URL location is: cbs.marketwatch.com Notice that this announcement come on a Saturday. Are we going to have a small panic on Monday? This news will lower ABX which will signal another buying opportunity. Your thoughts? Exsrch