Washington, Sept 26 (Reuters)- The following is the text of a joint statement issued on Sunday by 15 European central banks on gold sales from their reserves.

The European Central Bank and the central banks of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Sweden, Switzerland and England.

Statement on GOLD

In the interest of clarifying their intentions with respect to their gold holdings, the above institutions make the following statement.

1. Gold will remain an important element of global monetary reserves.

2. The above institutions will not enter the market as sellers, with the exception of already decided sales.

3. The gold sales already decided will be achieved through a concerted programme of sales over the next five years. Annual sales will not exceeed approximately 400 tons and total sales over this period will not exceed 2,000 tons.

4. The signatories to this agreement have agreed not to expand their gold leasings and their use of gold futures and options over this period.

5. This agreement will be reviewed after five years.

(( Washington newsroom 202 898 8329

Mike

-- Flierdude (Nospam@spam.com), September 26, 1999

Answers

Two words for those who have yet to buy gold:

TOO LATE!

-- Y2KGardener (gardens@bigisland.net), September 26, 1999.

Dec Comes up $5.20 at 6:45pm EST!!

Ray

-- Ray (ray@totacc.com), September 26, 1999.

Comes = Comex

-- Ray (ray@totacc.com), September 26, 1999.

275.25 up $6.50 and climbing !!!!!!!!!!! Buy Battle Mountain Gold (BMG) 2 3/16 and Durbin Deep (DROOY) 1.69 GET ON THE TRAIN NOW!!!! HAHA HA HA IT HAS BEGUN TO THE MOON!!!

Mike

-- Flierdude (nospam@spam.com), September 26, 1999.

I bought 10 ounces of gold at the lowest peak and only made $100.00. The feds take 30%, that leaves me with a $70.00 profit. However, anyone who bought high hasn't made a dime yet and is still trying to recoop their losses. Be careful, be very careful. If you have lots of money to burn and want to sit on you gold for several years go for it, but don't be so quick to jump on the golden threads that may turn to copper.

-- Slow Joe (slow Joe@slowjoeee.xcom), September 26, 1999.

WHOOPIE, You have tied your money up for MONTHS and made just over TWO PERCENT!!! WEE HAAAAAAAA.

In the mean time: I bought and sold Red Hat in two weeks time. (30 - 65 where I sold). I bought and sold Infosys (bought at 42, sold at 120 ). I bought and held CISCO, up 60% and climbing.. I bought and sold DELL, made 15% in two days.. I bought and sold WINK, made 50% in two weeks.

If the financial systems end, who will have the money to pay for your BIG GAIN in gold? Who will buy it if there really are food distribution problems (I don't believe it will be more than a 2).

Hyping gold on a board like this won't help your position, it will just get some scared person do do something really stupid with their retirement savings.

Bryce

-- Bryce (bryce@seanet.com), September 26, 1999.

Bryce - congrats, but how will you protect your "wealth" in the coming depression when hyperinflation hits?

Gold my man, gold.

-- Andy (2000EOD@prodigy.net), September 26, 1999.

I bought 10 onces last year at $300/oz with "spare money". Can't wait for it to go to the moon, eh. But I bought it knowing it could go down a lot before it went up, it's just another thing in my preps for me, to forget about.

-- Chris (#$%^&@pond.com), September 26, 1999.

Thanks Flierdude :)

This fits in with what I've been saying about the BIS/Euro faction muscling in to replace the dollar as the world reserve currency...

A warning shot has been fired against the dollar...

Buy physical now, it will go nuts after rollover.

Dude, I managed to lock in 110oz (for delivery) at $270 last week... nice to get it right for a change!

-- Andy (2000EOD@prodigy.net), September 26, 1999.

Hi Andy,

Gold is OK as part of a diversified portfolio.. Or if you just like it.. My problem with it is:

A. The price of gold keeps going down. B. If something bad happens, it seems to me that real-estate or food or something like that would be a better way to protect my money. As it happens I own two houses, bonds, and stocks (but no gold).

Like I said, what will people use in the future to buy your gold if th e stock market crashes, or paper money is useless? A simple question, no? In these cases, wouldn't food or real-estate for farming be worth more?

Gold is very speculative. So are stocks, but at least I'm making money.

The best way to protect your money is to double it!

Bryce

-- Bryce (bryce@seanet.com), September 26, 1999.

Bryce -

The point that most people on this forum seem to be making (rightly or wrongly) is that the stock market will shortly be toast. I'll go with that. Never owned stocks, never will.

I've invested heavily in gold - rightly or wrongly - and am currently investing heavily in acreage too. It may be a mistake - it may all become worthless - but if it does, then something extremely big and smelly will have hit the rotors and the world's population will probably be 6 billion less than it is now.

-- Y2KGardener (gardens@bigisland.net), September 26, 1999.

By the way, Flierdude, nospam@spam.com is a valid e-mail address... I assume that, like me, you are a vegetarian and therefore approve of this company getting as much errrm... spam... as possible!

-- Y2KGardener (gardens@bigisland.net), September 26, 1999.

Y2K Gardener,

I like land as well. Wether Y2K hits severely or not, I don't think you can lose if the population keeps growing.

I'm thinking about buying two or three acres of good land in Washington state. It's still pretty cheap, but I don't think it will stay that way.

-- Bryce (bryce@seanet.com), September 26, 1999.

What do you guys think? I'm sitting on some Feb Comex gold 300 calls. Do you think these things will be in the money by expiration (aprox. 2nd week in Jan.2000). As volitility ramps up over the next while I may be tempted to take profits. But I also have to realise I may be giving up a life time opportunity for profit. Any of you smart trader types have a price projection for Dec 99. thanks Harv

-- Harvey Wilson (harvey@hotmail.com), September 26, 1999.

Tip: Don't buy anywhere near Mt. Rainier. Look at an Earthquake Hazards Map before you look at property. Don't buy in any red, orange, or yellow zones.

-- Ashton & Leska in Cascadia (allaha@earthlink.net), September 26, 1999.

Harvey,

Tough call - I hope it pans (!) out for you! I've had a hunch about COMEX defaulting for a while now, maybe take some profits when you can and leave the rest in with your fingers crossed.

Flierdude,

I'm gonna plunge in overnight. I have about $4k to buy shares. Do I go for harmony hgmcy, drooy or BMG?

Looks like drooy won't kick in big time 'till POG hits $350...

I'm tempted to blow the lot on drooy :)

-- Andy (2000EOD@prodigy.net), September 26, 1999.

gold up 7.10!!!!! LIMIT UP IN THE MORNING !!!!!!!!!! IS it not ironic that they made this announcement @ 4 AM Germany Time. WE HAVE CONTACT !!!!!!!!!!!!!!!!!!

Mike

-- Flierdude (NOSPAM@SPAM.SPAM), September 26, 1999.

Andy, I am buying 20,000 more shares of BMG in the morning if I can get in under 2.50 per. They are a sure bet.

Don't you live in Denver. I'm in Indiana.

Mike

-- Flierdude (nospam@spam.spam), September 26, 1999.

Yep Mike I'm in Denver,

OK I'll take your advice and go for BMG too... wish I had more readies to play with :) however, physical is on the way instead :)

Will go for drooy in a few days,

Whaddaya think of CALVF? Worth a flutter?

Go GOLD!!!!!!!

-- Andy (2000EOD@prodigy.net), September 26, 1999.

Could someone tell me what the difference between "paper gold" and gold in your hand is? If you call up a broker and say, "I want to buy gold", are you less protected than if you have it in your hand??? HELP HELP HELP!!!! Thanks! Oh one more thing. Does anyone have a web address of where you can check gold prices? Thanks!

-- Diane (DiR9290343@aol.com), September 26, 1999.

Diane -

The simple truth is, paper-paper; gold=gold. Paper is safe until TSHTF - then try making the exchange!

This is what I use for gold/currency updates - if anyone has better, please let me know:

http://www.metalsman. com/masterprices.htm

-- Y2KGardener (gardens@bigisland.net), September 27, 1999.

well well well

this just in

http://www.ft.com/hippocampus/q181bca.htm Labour leaders unite over euro entry By Robert Peston, Political Editor, in Bournemouth

Ministers and senior Labour members united yesterday in their determination to secure British entry into the euro within two or three years.

-- Andy (2000EOD@prodigy.net), September 27, 1999.

Diane, if you are looking to get a good education about gold real fast, I recommend the following:

www.the-moneychanger.com - note in particular the "commandments" regarding buying precious metals, which includes "always take delivery".

www.certifiedmint.com - excellent, detailed information of gold and silver buying.

www.ajpm.com - good place to buy from, and generally have the cheapest prices. I have used them, and they are recommended by others on this forum as well as on the forum at www.gold-eagle.com.

For Y2K purposes, I think that most would agree with the following: 1) Buy physical, not paper; 2) Buy small coins (e.g., 1/10th ounce) to get maximum number of transactions in a bartering situation.

Good luck!

95 days.

-- Jack (jsprat@eld.~net), September 27, 1999.

Something about Moses, and a gold bull ... tablets, breaking -- what was it?

-- Trying To Remember (there@wasa.moral), September 27, 1999.

What does Gold tast like anyhow?, A slight upward blip for gold and you're heading for hills, pan in hand!! The need for a comodity backed currancy allows for a good debate but I think raw gold is far from the answer in this new economic age. Exactly what can you do with gold these days, there really is no commercial value anymore and it doesn't taste great. Gold is dead but I did read some where that one day a piece of gold will buy a loaf of bread)

-- y2k-bear (ron_wiebe@bc.sympatico.ca), September 27, 1999.

Another quote site, if you care to follow the Yellow metal:

http://www.goldinvestment.com/gold.asp#GOLDBULLION

Lists the spot price of the metals and the buy/sell prices of all common gold/silver/platinum coins. Good information, constantly updated during the market trading day.

REMEMBER: Do NOT put all of your eggs in one basket. If you feel that you absolutely must do so - WATCH THAT DA*N BASKET like a hawk. Gold fever can cause loss of reasoning powers in a lot of people, so be very very careful. Absolute primary rule - Inviolable!! - Take and maintain full personal pocession of any metal that you buy.

S.O.B.

-- sweetolebob (buffgun@hotmail.com), September 27, 1999.

Gold Posts Biggest Gain in Decade as European Central Banks to Limit Sales

By Vaughan Scully

Gold Prices Soar as European Central Banks Act to Limit Sales

Sydney, Sept. 27 (Bloomberg) -- Gold prices posted their largest gain in more than a decade after a group of European central banks said they will limit sales from their official reserves to 400 metric tons annually for the next five years.

Gold for immediate delivery jumped as much as US$17.75 an ounce, or 6.6 percent, the largest one-day rise in at least 15 years, to US$286.50, its highest price since May 7. The move outpaced the 3.4 percent gain for gold following the stock market crash in October, 1987. ``As far as the market is concerned, it's very positive,'' said Chris Hunt, manager of bullion services for Bank of Western Australia in Perth. Concern that new sales could emerge, driving gold prices down further, ``is now removed,'' he said.

A group of 11 central banks around Europe, as well as the Bank of England, the Swiss National Bank and the Swedish Riksbank, who together hold for about half the world gold reserves, pledged to limit their sales to those that already have been announced. Gold sales by central banks, particularly from England and Switzerland, helped push gold prices to a 20-year low of US$251.95 an ounce in August.

The surge today comes after a one-week rally that pushed gold prices up US$13.75 an ounce, or 5.4 percent, after a sale of 25 metric tons by the Bank of England drew unexpectedly strong demand and above market prices.

With central bank sales now under control, the balance of supply and demand appears much more favorable to higher gold prices, Hunt said. ``The market can reasonably absorb'' the 400 tons of gold to be divested from official reserves, Hunt said. ``There's a probably seven to 10 percent drop in production because of the low prices. Add to that exploration is at five, six or seven-year lows, and it leaves a handsome gap for the sales to fill.''

Central banks have sold between 80 metric tons and 600 tons a year for the past decade, Hunt said, so the future rate of sales is ``nothing unusual.''

-- Andy (2000EOD@prodigy.net), September 27, 1999.