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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.04

-1.4%

Nov 17 4:00 PM EST

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To: Gary who wrote (16403)	8/22/1998 11:53:00 PM
From: Terry Rose	Read Replies (2) of 116762

Gary, The article was written by Michael Belkin and his insights into world markets are excellent. The current problem with the Canadian currency is the Bank of Canada is draining reserves to defend it's currency at an unsustainable rate (5% per week). They have minimal gold reserves and thus they will have to raise rates once their monetary reserves expire or allow the currency to devalue. The devaluation comes with a price since a lot of Canadian companies have debt issued in U.S. dollars which is unhedged to currency fluctuations. If the BOC raises rates an already decelerating economy comes to a screeching halt. Belkin predicts the BOC will raise rates sharply fairly soon. He does not predict what the bottom of the Canadian dollar will be. Terry,

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