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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Paul Berliner who wrote (2125)	9/29/1999 8:18:00 PM
From: Henry Volquardsen	of 3536

one month lease rates snapping out to 10% is pretty tame stuff compared to the currency markets. It is a big deal for gold since this is the first time they have witnessed this but in currency crisises(sp?) it is pretty routine for short rates to exceed 1000%, it has happened frequently. I've also been curious regarding the markets focus on the lease rates. The announcement regarding limiting sales is indeed significant. The comments regarding leases, however appears fairly tame. They pledged not to increase the amount of gold they are leasing. That doesn't mean they will reduce the amount. This does not reduce lease liquidity. And with one month rates at these levels there are numerous non European central banks who have made no pledge who are free to take advantage of the widfall.

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