Dwight:
It would have no impact on meeting IMF loan commitment criteria and, therefore, does not preclude eligibility.
The IMF package wil lbe parcelled out through the next months to S.K. as needed to meet loan commitments. It is my impression that economic events will prevent S.K. from meeting the onerous credit contraction and tax increse provisions demanded by the agreement. Nonetheless, the world will is becoming a different place very quickly, and the IMF will back down from some of its demands.
Short-term, gold has made atechnical double-bottom, confirmed by many of the industry stocks. If it holds, and we very well may know it come Monday when Japan discloses their "new" economic stimulus plan, it has a very nice future ahead. Japan's program will demonstrates its capacity for jump-starting growth in their domestic economy by its impact upon its currency. A higher yen in dollar value, is tantamount to a yes vote, and gold will rise in value; a lower yen on Monday signals a vote of no confidence in its ability to rescue their economy with this new package.
Yours, T.V.H. |
