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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Ox who wrote (41421)4/1/1999 1:44:00 AM
From: Douglas V. Fant  Read Replies (3) of 95453
 
Michael, One other point about Asian economies. Many of the countries' currencies "cratered"- 50%+ versus the dollar in 1997-98.

Oil purchase contracts are mostly denominated in US Dollars worldwide. As Asian economies recover, then so will the values of their currencies-this causes a twin impact- a "boost" to value of assets held in that currency,and also oil purchases in dollars will then become cheaper as the currency's exchange rate versus the dollar improves....
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