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Non-Tech : Invest / LTD

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To: Lucretius who wrote (6581)	1/13/1999 6:33:00 PM
From: SJS	Read Replies (1) of 14427

Luc, Here's a comment from today's CBS Marketwatch daily (closing) commentary. Now......it would seem to me that this comment begs a move up for gold as the historical hard asset everyone flocks to. Are we seeing a paradigm shift? Yet, it's not happening. Gold was down today! People want US dollars and want us to be the "central banker". Comments??? ______________________ "If Brazil goes down and takes Argentina and Mexico with it, you could have another Federal Reserve easing of interest rates, not so much because the U.S. economy needs it but because the Fed is acting as the world's central banker," said M. Cary Leahey, managing director and U.S. economist at Primark Decision Economics. "The worry is that you could get a contagion effect and a full-scale run on currencies, with possible devaluations in other Latin American nations," said Leahey. "You'd have a tremendous flight to quality because nobody would want to hold the assets since they know they could drop 20 percent tomorrow." On the news, Brazil's benchmark Bovespa stock index initially freefell 10 percent before recovering. It closed off 5.1 percent.

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