We''ve got the goods on the manipulation scheme; help us mobilize Congress


By Myra P. Saefong
July 11, 2001

NEW YORK (CBS.MW) -- Shares of most metals companies
and gold futures prices shined Wednesday, reflecting
strong demand for the precious metal that surfaced
at the Bank of England's gold auction.

Earlier Wednesday, the Bank of England held its
second auction in a series of six that began in May.
It sold 643,600 ounces, or about 20 metric tons of
gold, at a price of $267.25. Bidders applied for
2.6 million ounces -- an over-subscription rate of
4.1 times.

"This was taken well by the market, as most
expectations were for a rate of under 3," said David
Meger, Alaron.com's senior metals analyst. The
auction price underscored "good demand and willing
buyers," he added.

Bidders at the last auction, held on May 15, applied
for 2.4 million ounces of gold at a price $268 an
ounce, with the over-subscription rate at 3.7 times.

Following the auction results, the CBOE Gold Index
climbed by 3.4 percent to stand at 40.66, while the
Philadelphia Gold and Silver Index rose 3.8 percent
to 54.74.

Among individual stocks, shares of Anglogold tacked
on 60 cents to trade at $18.85, Agnico-Eagle Mines
gained 29 cents to $9.18, and Barrick Gold added 71
cents to $15.36.

On the futures market, gold for August delivery traded
at $268.50 an ounce, up $1.80 on the session.

As of late Tuesday, inventories of gold on the
Commodities Exchange were up 16,646 to 903,750

September silver gained 0.2 cent to $4.265 an ounce.
Comex inventories of the precious metal were flat at

In other metals action, September palladium climbed
by 50 cents to $564.50 an ounce. October platinum
added $8.70 to $560 an ounce.