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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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To: Wade who wrote (1337)	2/8/2004 2:39:33 AM
From: Wade	Read Replies (1) of 48092

biz.yahoo.com Reuters G7 Says Currency Volatility a Growth Risk Saturday February 7, 9:38 pm ET By Glenn Somerville BOCA RATON, Fla. (Reuters) - Finance chiefs from rich nations agreed on Saturday a global recovery was gaining steam and papered over tensions on currency exchange rates by warning markets "excess volatility" was not to be tolerated...... and LET MARKETS REIGN U.S. Treasury Secretary John Snow, at a press conference afterward, made clear that was not something the free market-oriented Bush administration wanted to see and repeated a familiar refrain that competition should reign. "A strong dollar is in our national interest," Snow said. "But the relative values of currencies are best established in open competitive currency markets. Nobody can devalue their way to prosperity." The G7 statement went a step further, saying there should be "more flexibility in exchange rates ... for major countries or economic areas that lack such flexibility," in an apparent reference to Asian countries that peg their currencies to others -- as China links its yuan to the dollar -- or intervene regularly to affect values. Snow turned aside a question on whether China, which the United States wants to loosen its 8.3 yuan peg to the dollar, was the intended target. He said only that the statement was agreed by the full G7 and said "it speaks for itself." Japan's Finance Minister Sadakazu Tanagaki denied that Japan, which has spent heavily to keep its yen from rising in value and sapping its exports, was one of the countries that lacked flexibility in currency issues. "That's not the case," he said after the G7 meeting, indicating that Tokyo would keep up its market forays when the yen got out of line with fundamentals, a resolve which could be tested as early as next week. In fact, the United States felt getting more specific references to the need for flexibility into the communique was worth giving Europe a concession by inveighing against volatility. Nor did the resulting compromise lessen pressure on China -- by some measures now the world's second largest economy -- to speed up currency reform. It is apparent that G7 is putting pressure on China and the rest of Asian countries to share the burden to devalue USD....slowly. We may see a slower USD declining rate than that of we have experienced in the last 2 years. PM will remain on the bullish track. I bought another load of PAAS on Friday. Very little amount of cash left. I will stay fully invested and will rotate these stocks from time to time. Hope every one is ready to enjoy the ride. Good luck. Wade

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