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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Alex who wrote (13201)	6/15/1998 10:24:00 PM
From: Gabriela Neri	Read Replies (2) of 116790

A definite sign of things reaching a changing point(for bad or for worse)-now congress wants in on the issue: WASHINGTON, June 15 (Reuters) - The Joint Economic Committee of Congress (JEC) may hold hearings on the U.S. Treasury Department's official policy on the dollar, a spokesman said on Monday. ''A hearing at some point in the future is definitely a possibility,'' Chris Frenze, the JEC's executive director, told Reuters. ''Some discussion of international monetary policy seems to be an issue that is going to emerge in a major way.'' Frenze said it was too early to speculate who might be called upon to testify before such a hearing. JEC Chairman Jim Saxton earlier on Thursday called on the administration to clarify its dollar policy and said Treasury Secretary Robert Rubin had ''accelerated'' the dollar's recent surge against the yen. Frenze said the U.S. dollar policy was lacking in clarity and thus contributing to mounting uncertainty in financial markets, where the yen is trading at near its weakest level against the dollar in eight years. ''There's just a lack of definition on the whole topic,'' Frenze added. Rubin has in recent months repeatedly stressed his preference for a strong dollar but has simultaneously expressed his concern over the yen's weakness. On Friday, he roiled foreign exchange markets by suggesting intervention on behalf of the weak yen was ineffective in the long run and insisting Tokyo bore the main responsibility for reversing the yen's fortunes.

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