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Spiralling gold lease rates spur central bank talk
12:56p ET Tuesday, February 27, 2001
Dear Friend of GATA and Gold:
There's big news in gold today.
First, a story from the Mining Web/MoneyWeb people:
* * *
Anglogold bidding for Gold Fields
By Tim Wood
Posted: 02/27/2001
04:00:00 PM
Miningweb 1997-2001
--- Developing World Exclusive ---
Third update - 11h45 EST.
NEW YORK -- Miningweb learnt late on Friday that Anglogold was still
pursuing a bid for Gold Fields.
Details are scant, but indications are that initial discussions were
framed around a price close to $4 per share (R31). Early on Tuesday,
additional information came to light indicating that the offer had
been revised upward to around $5.50 (R43) per share which represents
a 30 per cent premium to the current price.
* * *
You can read that story at:
a href=http://m1.mny.co.za/MGGold.nsf/Current/4225685F0043D1B285256A000052ACCht...
0?OpenDocument
If that link won't work for you, go to the home page here, and you'll
see the headline at the top:
a href=http://www.moneyweb.co.za/http://www.moneyweb.co.za//a
* * *
And from CBS Market Watch, open speculation by an analyst that
the Bank of England's gold sale program is blowing up in the bank's
face:
* * *
Gold prices up for fifth trading day
By Myra P. Saefong
CBS.MarketWatch.com
Last Update: 11:33 AM ET
Feb 27, 2001
NEW YORK (CBS.MW) -- Shares of metals companies turned lower Tuesday
while gold futures prices climbed for a fifth-straight trading day
amid strong demand for the precious metal.
The gold market was lifted by speculation that the Bank of England
is quot;overexposedquot; in its lending of gold and has to borrow it
back quot;putting a squeeze on near-term liquidity,quot; Fidelis Madavo, an
analyst at Investec Securities, said in a research note.
Gold for April delivery rose $1.90 to trade at $268.70 on the
Commodities Exchange division of the New York Mercantile Exchange.
March silver declined by 1.5 cents to $4.43 an ounce.
* * *
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.