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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.75

-0.5%

Dec 3 4:00 PM EST

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To: Investor-ex! who wrote (23356)	11/24/1998 2:20:00 PM
From: Alex	Read Replies (2) of 116791

Cut from the U.S.A.Gold site.................. China's Financial Times ran an article overnight saying that China should increase its gold reserves "to diversify its foreign exchange holdings." Reuters reports that the newspaper, published by the Chinese central bank, suggested that "If there are problems with the dollar, there will be an international catastrophe. Reducing reliance on the dollar and maintaining greater variety in foreign exchange reserves is the only way to reduce the risk. As a result, an increase in our country's gold reserves is necessary." This admission by the People's Bank of China, the second largest holder of dollar reserves next to Japan, points up the growing concern in financial circles about the future of the dollar. China has already announced an interest in diversifying with the euro. This is the second time in recent months that China has publicly proclaimed an interest in the yellow metal as reserve item.

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