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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.47

+0.5%

Nov 6 4:00 PM EST

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To: Enigma who wrote (21412)	10/11/1998 9:58:00 PM
From: goldsnow	Read Replies (2) of 116752

Seemed that URL had problem in am, but not now....Base metals can only benefit from Gvn attempting to re-inflate economies..seeding inflation seeds Brown demands billions in aid to avert meltdown By Tom Baldwin, Political Editor <Picture: Matt> <Picture> <Picture> <Picture> GORDON Brown will tell European finance ministers tomorrow that European Union member states - including Britain - must get ready to draw billions of pounds from reserves to prevent a global economic meltdown. The Chancellor will warn the summit meeting in Luxembourg that unless governments are prepared to increase their support for the International Monetary Fund the turmoil in the Far East and Russia could engulf Europe and America. He is expected to promise British support for emergency legislation to ensure that the EU can act swiftly to bolster the IMF, including the loan of a "multi-billion pound sum" in Government guarantees. At the same time, the Treasury is preparing to publish new figures this week, confirming that the average of independent forecasts for Britain's growth rate over the next year has fallen to 1.1 per cent - down from 1.7 per cent as recently as July. The figures will be seen as a further confirmation that Mr Brown is preparing to cut the Government's own forecast in this autumn's pre-Budget statement. The revised figure would leave the Chancellor with a shortfall of at least £1.5 billion in revenue this year. Although the Treasury is confident this can be met out of surpluses, the Chancellor knows that if the growth rate falls further he will be unable to meet his promise of pumping an extra £56 billion into public finances. At tomorrow's conference, Mr Brown is expected to say that the oasis of calm built around the single currency will not protect Europe from global instability. He will say that Europe's response must be based around "not burden shifting but burden sharing" - taking a lead by finding up to £20 billion to strengthen the IMF - while still maintaining pressure on America to pay its share. telegraph.co.uk

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