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Gold/Mining/Energy : Gold Price Monitor

GDXJ 107.29

-0.9%

Dec 2 4:00 PM EST

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To: Terry Rose who wrote (9612)	4/8/1998 11:50:00 PM
From: paul ross	Read Replies (3) of 116791

Terry- I'm hoping for the 30%, but expect we're more likely to see 10-15%. The actions of the Euro. CB's, I believe more than a couple of the smaller potential EMU members have only around 10% gold reserves, and the fact that they have floated the 30% trial balloon, more and more seems to suggest to me the 10 or 15 number. Yesterday a Euro. analyst on CNBC (I wish I could recall his name), felt the psycology surrounding the entrance of the Euro was that they wanted their currency initially as weak as possible vs. US$, so that it had nowhere to go but up. He said he expected the US$ to be at a cyclical high at the first of next year when the Euro made it's splash. The concerns of the French and Germans over a weak Euro. seemed to disappearing through political means and the roaring European stock markets, rather than having to introduce a higher % of gold reserves. The French and German people would prefer a hard currency, the politicians a fiat EURO like the rest of Ivy Wall educated central bankers The French, somewhere I read today, have overwhelminlg approved that country's entrance into the EMU

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