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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.76

-6.4%

4:00 PM EST

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To: philv who wrote (11460)	5/9/1998 12:40:00 PM
From: Alex	Read Replies (2) of 116834

I agree with you. However, saving face has always been a priority with Japan and something has to give here soon IMO. Interesting when you consider what the makeup of the ECB reserves will be in light of the massive U.S. $ reserves held by the Japanese to no avail. If they sell, they weaken the $, and drive up U.S. rates exacerbating the situation. But the whole point of holding foreign currency reserves is that you can sell them in times of need to defend your own local currency. Japan is handcuffed. If, however, they held large gold reserves, they would not be facing this problem. Look at the Swiss. Could the markets be telling us something here? Wonder if Europe is taking notice?

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