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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: VAUGHN who wrote (2067)10/7/1998 5:29:00 PM
From: Valuepro  Read Replies (1) of 7235
 
Hi, Vaugh

Thanks for the Reuters piece. While I've learned not to trust them, their article does lend some support to my thinking. As Wall Street and the dollar decline, gold will rise.

Look at what happened today. Gold closed up US$6.20 and the XAU was up nearly six points. In after hours trading, at this moment, gold futures are up another US$1.10. The dollar was down big time today against other currencies, especially the Yen. The Dow gyrated closing almost flat, but Nasdaq was down a big 48 points.

Today's action in gold can be attributed to the German response to yesterday's suggestion from England the IMF will sell gold. The idea has not been discussed by the IMF and the world's major central banks will not support the idea. Thus, gold's rally which stalled yesterday has returned.

I've heard reports the Japanese are beginning to repatriate funds
deposited abroad. If so, this will put further pressures on the US dollar. Further foreign holders of dollar denominated instruments will trend in the same direction as their own currencies increase against the dollar.

I still feel this economic crisis will adversely effect the diamond market, but such an event will be powerfully beneficial to SUF in the long run (note the last sentence in yesterday's press release).

VP
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