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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: Little Joe who wrote (3700)	12/1/1997 12:49:00 PM
From: MUDMAN	Read Replies (1) of 116815

To All: Is this new news? A Dow Jones story hit at 11:49am today titled "SWISS CABINET WANTS TO ELIMINATE GOLD BACKING OF SWISS FRANC"... in a change of the constitutional law governing the Swiss National Bank. "This requirement hasn't been in practice for many years," the cabinet, also known as the federal council, said. Since June the legal gold backing of currency in cirulation has stood at 25%. the new constitutional law is subject to a consensus-building process which is set to start in January. A vote on the new law is expected in spring 1999, the government said. This sounds like more new bad news. I guess POG will get further hammered this afternoon on top of what has already happened. Anyone else out there got info on this???

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