Ditto This.

South African Mining Companies Not to Buy Gold at Bank of England Auction NewsMax.com February 24, 2000

JAN 24 2000 M2 Communications - Several South African gold miners including Anglogold Ltd Harmony Gold Mining Co and JCI Gold Ltd have said they have no plans to buy gold at the Bank of Englands fourth scheduled gold auction on 25 January.

In previous sales South Africas two biggest gold producers - AngloGold and GoldFields Ltd - have bought big amounts of the gold on offer.

The Bank of England hopes to sell 25mt of gold at the auction.

-- James (brkthru@cableone.net), January 25, 2000

Answers

What are the implications of this?

-- LunaC (LunaC@moon.com), January 25, 2000.

yeah they usually buy the gold to raise up prices then all there gold is worth more. they no because of the oil shortages the dont have to bother to drive up gold prices. watch gold and chemicals as the next in the falling dominoes.

-- billy boy (bill@aol.com), January 25, 2000.

Right on billy boy!

-- James (brkthru@cableone.net), January 25, 2000.

yep.

-- Hokie (Hokie_@hotmail.com), January 25, 2000.

Perhaps they have been told not to buy so that the price can decline. After all, this is why the gold is being sold to keep the price down. Duh.

-- Moe (Moe@3stooges.gom), January 25, 2000.

I have to agree with Moe. Per articles on the Gold Eagle web site, this action would be consistent with a centralized attempt at unwinding the perilous position that has been set up by gold derivative contracts.

-- Chris Tisone (c_tisone@hotmail.com), January 25, 2000.

Egads...That the Gold Eagle web site.

-- Chris Tisone (c_tisone@hotmail.com), January 25, 2000.