You are here
GATA''s Murphy on South African radio
1:05a EDT Tuesday, October 5, 1999
Dear Friend of GATA and Gold:
This Bloomberg dispatch from Australia says the gold-
buying panic has begun. Please enjoy it, and post this
as seems useful.
CHRIS POWELL, Secretary
Gold Anti-Trust Action Committee Inc.
* * *
MAD BOTTLENECK IN AUSTRALIAN GOLD MARKET
Sydney, Oct. 5 (Bloomberg) -- Gold rose 4 percent to a
two-year high in Asia as speculators, producers,
investment fund managers and banks raised bids to buy
the precious metal in a rally that's seen the price
jump 22.4 percent in nine days.
Gold for immediate delivery rose as much as US$13.15 an
ounce, or 4.1 percent, to US$330.50 an ounce in Sydney
interbank trading, the highest price since October
Dresdner Kelinwort Benson bullion trader Paul Lee said
he's never seen anything like the move to buy gold to
cover forward and futures positions in his 10 years of
quot;It's like there's a fire and everyone's running toward
the same exit door. We have banks, producers, hedge
funds all wanting to do the same thing at the same
time. We are seeing a supply bottleneck. Producers are
backing off from selling. They are standing aside and
not selling any more,quot; he said.