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Technology Stocks : Softbank Group Corp

SFTBY 88.35

+0.5%

9:30 AM EST

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To: TobagoJack who wrote (5654)	1/31/2001 10:44:27 PM
From: ghengis2	Read Replies (1) of 6018

Current environment for gold and the yen is reminiscent of Summer of '98 when weakening yen and gold prices fed a selling panic in the yen that only Rubin's intervention against the yen could stop (still haven't forgotten the rude early morning wake-up call from a broker in Chicago by which I learned of the "sterilization"). We hadn't heard of the planned European government sales at the time and as a result it's more bearish now. It looks like there's little current support for the price of the yellow metal. Last I read the cost of production was estimated at $220-235 and falling as the big mines stepped up production to sell greater quantities forward in anticipation of further price declines. Tempted to sell a few contracts but further US rate cuts are an annoying reminder that even the dollar may sustain an occasional hit which could embolden Asian hoarders on very short notice. Need no margin calls at present.

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