Has gold finally lost its lustre?

Article Abstract:

The announcement by the British government to sell more than half of its gold reserves has taken the steam off the gold market which has been on the verge of recovery. The average gold price has fallen to $275.50 an oz from $290 before the announcement was made. Gold was selling at around $330 per oz in 1998, about $400 in early 1996 and peaked at $850 in 1980. The Bank of England said that it is restructuring UK's reserves by replacing gold with a basket of government securities denominated in dollar, yen and euros.

Market information - general

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Few obstacles seen to gold's climb

Article Abstract:

The gold market has bounced back to recovery following the decision of 15 European central banks to curb the sales of their gold reserves. The banks also agreed to limit their lending of gold for hedging and speculation. The two factors have been blamed for the decline in gold price to a 20- year low of $253.20 an oz on July 20, 1999. Since the decisions were announced, gold prices have increased by 21%, with bullion for December delivery quoted at C$324.40 an ounce in New York.

Commodity & service prices

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We're watching gold but sitting on cash for the time being

Article Abstract:

Gold is a historic refuge in wartime, and it is prudent for investors to consider today's geopolitical events and how they may affect that metal's rise.

Canada, Primary nonferrous metals, not elsewhere classified, Financial analysis, Economic aspects, Gold industry, Political aspects

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