Alex,
You wrote:
"I have also read reports that say the Asian countries are net sellers of gold since the devaluations. What the truth is I do not know.
IMHO, they sold (i) because they had to raise cash to cover their losses and (ii) they figured that gold was headed lower, and (iii) for a lot of investors, the devaluation of their currencies and the rising US dollar have made gold relatively expensive at this time.
Here is a song supposedly sung by Dr. Mahathir Mohamad, the chief critic of Dr. Soros.
Richnorth
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SPOOF VERSION OF THE OLD BEATLES SONG YESTERDAY
DOING THE ROUNDS IN U.K. (Supposedly sung by Dr. Mahathir Mohamad, Prime Minister of Malaysia).
YESTERDAY
Yesterday, all my Soros seemed so far away
Now I know this mess is here to stay
Oh I believe in yesterday.
Suddenly, I'm not half the worth I used to be
There's a thick haze hanging over me
Oh I believe in yesterday.
Why did the ringgit go? I don't know.
It wouldn't say
I said something wrong and now
they call, I have to pay.
Yesterday, stocks were such an easy game to play
Now I have to run and hide away
Oh how I long for yesterday......
>From the Daily Telegraph, London.
November 1997
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