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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Lee who wrote (1034)	11/19/1998 10:22:00 AM
From: Chip McVickar	Read Replies (1) of 3536

Hello Lee, Did you catch that interesting article in the 19th Nov WSJ by Brian Wesbury..p.22? "The Tax Man Is Stealing Our Savings" He counters the notion that declining savings rates, increased debt levels and record bankruptcies are be caused by individuals overspending and over-extending with leveraged investments in the stock market. Evidence he says "points to the only clear and coherant explanation: Consumers are not digging their hole; taxes are digging it for them. Interesting stuff...what do you think about his position? For you Gold Bugs: can you expect Gold Euro coins... Chip Gold just down in Europe, mulls gold euro biz.yahoo.com LONDON, Nov 17 (Reuters) - Gold softened during late European trade on Tuesday, uncovering support at $293.50 an ounce as dealers weighed the possible market impact of a European proposal for a gold euro coins. ''Gold is just slipping gently but seems to have found support at $293.50,'' said one London dealer who played down the likely impact on gold of any rate cut. ''I think they have already factored in a 0.25 (percentage point) cut into dollar/yen,'' he said, adding that the significance of that currency cross for gold had declined in recent days. Lower U.S. interest rates tend to weaken the dollar, which usually boosts spot gold on the expectation of increased physical demand for the metal priced in other currencies. In France, European Monetary Affairs Commissioner Yves-Thibault de Silguy told Euro MPs there was ''real interest'' among national mints in deputies' idea to produce a gold euro coin. But he added such a coin could have only commemorative status. The parliament had proposed minting a 100 euro coin made of gold as a way of using up central bank reserves and boosting confidence in the new currency. Andy Smith of Mitsui commodities said in a report the potential offtake for such a coin depended on how many were minted and their gold content. He projected a figure of between 1,080 and 21,600 tonnes. ''Can a gold coin yet flip gold market sentiment?'' he said. He felt it could but added that many hurdles remained to be cleared. Spot gold was last trading at $294.70/$295.20, unchanged versus its previous New York close of $294.70/$295.20. _______________________________________________________________

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