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To: Alex who wrote (35490)	6/17/1999 3:59:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116764

<<''I would commit to you that the department will work with the IMF in every way we can to assure that the mobilization of resources does not have a meaningful impact on gold prices,'' Summers said >> What's the next two unreported lines here, "Sure I'll love you in the morning baby." "The check's in the mail".

To: Alex who wrote (35490)	6/17/1999 5:45:00 PM
From: teevee	Read Replies (2) \| Respond to of 116764

Alex, When are gold bugs going to realize that gold and gold mining companies have had their day in the sun.....its been over for quite some time now.....gold is just another commodity:-) regards, teevee

To: Alex who wrote (35490)	6/17/1999 6:05:00 PM
From: goldsnow	Respond to of 116764

Dollar tumbles as investors look to Japan asset mkts NEW YORK (Reuters) - The dollar fell against the Japanese yen on Thursday as Tokyo stocks soared and investors took a more optimistic view of the prospects for economic recovery in Japan. Finding scant support from a monetary policy speech by U.S. Federal Reserve Chairman Alan Greenspan, the dollar also lost ground against the European single currency which got a boost from positive economic data. But the euro did not fare as well against the Japanese yen, as investors rushing to buy yen sold the beleaguered European currency. The euro dipped to a lifetime low against its Japan counterpart, and the yen's rapid rise hurt the dollar. ''Japanese institutions are hedging their portfolios and talk is that maybe equity managers in Europe are rushing into Japan,'' said Jeffrey Yu, senior dealer at Sanwa Bank. Greenspan, in a typically carefully worded statement, said ''certain imbalances'' pose a risk to the U.S. economy's longer-term outlook, and that ''modest preemptive actions'' could head off future problems. Dealers took the remarks as an affirmation that the Fed will tighten rates by 25 basis points at its next monetary policy meeting at the end of the month, lessening the likelihood of a string of hikes. U.S. Treasuries rallied, while the Dow Jones industrial average posted modest gains. The dollar initally climbed near record highs against the euro after Greenspan's remarks, but it soon gave back all of its gains. But Greenspan also noted that the economies in Asia and Latin America are recovering, although the turnaround remains fragile for some. ''Greenspan seemed to indicate that he sees a bottoming action in Asia,'' which encouraged investors to buy yen, said Michael Malpede, senior foreign exchange analyst at Refco Group, Ltd. Last week, unexpectedly strong Japanese first quarter gross domestic product data sent the yen churning higher. But two subsequent interventions by the Bank of Japan propelled the dollar sharply higher, and kept investors wary of pushing the dollar too far below 120. After that, however, a 1.5 percent rise in Japan's Nikkei-225 stock index convinced them it may be worth testing the BoJ's resolve, traders said. The dollar got a slight boost from U.S. trade data, which narrowed slightly to a $18.94 billion deficit in April from a record $18.95 billion deficit in the prior month. But market reaction cooled quickly and dealers turned their focus to Greenspan's remarks. In European trading hours, the euro got a boost after a closely watched German economic indicator, the Ifo business climate index, rose to 90.4 in May from 89.7 in April. European Central Bank chief economist Otmar Issing called it an ''encouraging sign.'' ''If you put this all together, you have a slightly brighter outlook for the euro zone,'' Malpede said. In late U.S. trade, the dollar stood more than one yen lower at 119.25 yen, from 120.38 on Wednesday. Against the euro, the U.S. currency was weaker at $1.0339 per euro from $1.0306 at Wednesday's close. It was also softer against the Swiss franc at 1.5433 francs from 1.5483 francs on Wednesday, but strengthened against the Canadian dollar to C$1.4625 from C$1.4595. Meanwhile, sterling bounced back from Wednesday's two-month lows against the dollar after an unexpectedly strong jump in May U.K. retail sales of 1.0 percent. The British pound was firmer at $1.5932 from $1.5885. Copyright 1999 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. abcnews.go.com