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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (99700)	5/10/2001 8:55:36 AM
From: John Pitera	Read Replies (2) of 436258

I had heard these Australian gold producer comments yesterday, but no name...... We don't view the recent jump in gold as a negative for fixed-income. The bottom line is that yesterday's move had absolutely nothing to do with the reflation trade, a dynamic clearly supported by the sluggish tone in the base metals complex. The jump was largely a function of concern that Australian producer Centaur Mining &Exploration, which is under the control of receivers, may have to unwind its hedge book. While inflation worries continue to creep into the market, the fact that only now are we seeing the ECB beginning to do its part to promote global economic recovery clearly supports some of the anecdotal evidence surrounding a deepening of the competitive price pressures that remain glaringly evident in the foreign exchange market. Though our respect for the Fed remains intact, we are becoming more and more comfortable with the idea of a bullish flattening bias going forward.<?i>

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