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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: d:oug who wrote (80599)	1/8/2002 11:02:02 PM
From: Secret_Agent_Man	of 116796

China and the European Union share a joint suspicion of American "hegemony" in the global economic system and have been edging toward mutual embrace for several years. Beijing has a strong interest in promoting a rival currency, but it has been waiting for clear evidence that the euro is a viable long-term currency before committing itself. The Chinese backing for the currency came as a leading consultancy said that the economic case for Britain entering the euro will weaken in 2002 as UK interest rates rise and eurozone rates fall sharply. The Centre for Economic Business Research also said that Britons' increasing familiarity with the new currency could present an "unusual opportunity for the UK to have its cake and eat it by staying outside." It estimates that, by the end of 2002, just over half the UK population will have used euro notes and coins and that, as a result, the present majority against joining will erode.

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