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To: PaulM who wrote (36982)	7/11/1999 3:54:00 AM
From: d:oug	Read Replies (1) \| Respond to of 116764

PaulM, does the shadow chancellor have the power or influence to make this investigation happen ? I hope so, then as in that old Roto Rutter tv commerical the government of England leaders involved in this gold selling will "go down the drain". Thanks Doug FRANCIS MAUDE, shadow chancellor, is calling on Sir John Bourn, Comptroller and Auditor General, to mount a National Audit Office investigation into the Treasury's handling of UK gold sales.

To: PaulM who wrote (36982)	7/11/1999 6:04:00 AM
From: Alex	Respond to of 116764

<<Her anger is palpable. She says it is "treacherous" for the IMF and G-7 nations to link intended gold sales with debt-relief in poor countries, many of which are gold-producing, "when it takes away the capacity to produce gold". This is not the kind of help these countries need, she says. "We don't want aid to replace trade.">> btimes.co.za

To: PaulM who wrote (36982)	7/11/1999 8:46:00 AM
From: Rarebird	Read Replies (2) \| Respond to of 116764

If that audit ever comes to pass, Alex, it will be quite revealing and bullish for gold: Just Where is the Gold? The games Central Banks and Hedge funds Play to maintain the greatest bubble in history. Just when almost everyone thinks that Gold has lost its value as a hedge to preserve wealth, it will sky rocket. It will happen so quickly it will be scary. I can envision the Asian, European and Latino countries throwing most of their money into the US$ at the beginning of the Y2K crisis, which would not be Bullish for Gold initially. But that would be their biggest mistake as the US$ then tanks. Y2K will also hit the US and impact it severely. An International Currency Crisis will develop. Their will be nothing but hard assets to preserve wealth. Our Y2K Preparations are almost complete: We have food and water for 6 months and the means to protect for our survival against those who have done nothing and are living in denial.

To: PaulM who wrote (36982)	7/11/1999 10:36:00 AM
From: Alex	Respond to of 116764

William Kay of the Mail on Sunday on the Freeserve float The City Editor, Mail on Sunday 11 July 1999 <Picture>ity John Clare. He is a pleasant chap who has had the patience to understudy the demanding Sir Stanley Kalms at Dixons for seven years. Now he has the challenging task of turning Dixons' Freeserve Internet venture into a goldmine. There is little doubt that the Net will turn into a major industry for years to come, and Freeserve has the makings of a substantial, well-run business within that industry. But investors are being asked to climb aboard at a frighteningly high price. Clare admits that Freeserve shares will be a speculative and volatile bubble for some time to come, arguing that the bubble will fill with profits as Freeserve gathers pace. But that is precisely the worry. I have recently been re-reading accounts of the biggest bubble of them all, of the South Sea Company, which in its day even took in such luminaries as Sir Isaac Newton. I am not suggesting that Freeserve is a South Sea. It may yet be overshadowed by the really big bubble, still unidentified. For the South Sea was not alone. It was just the biggest among a spate of such speculative farragoes in the early part of the 18th Century. And Freeserve is merely one among a herd of businesses being rushed to market because they have an Internet connection. I stress, we have had no evidence that any entrepreneurs caught up in the Internet are but honest toilers doing their best to serve a public thirsty for the new services on offer. The new consumers are being anticipated by an equally thirsty investing public who see the prospect of mouth-watering profits. In the City of London, around the present-day Lombard Street and Cornhill, 18th Century promoters would rent a room and advertise the opportunity to invest in all sorts of wild schemes, from importing Spanish donkeys to 'a scheme the details of which will be revealed later'. This was all very novel, and the fashionable way to save was through the unofficial, unregulated stock market that operated in the City's streets, alleyways and coffee houses. As today, they had no real notion of what it was to lose money. All shares were a sure thing. The Internet has just such a feel. Agreement that the Internet is the future is so widespread that any enterprise associated with it has to be a sure thing - allegedly. Traditional values have gone out of the window. It is regarded as fuddy-duddy nit-picking to ask where dividends* are coming from. We are now into a highly convenient world of shares priced on multiples of sales rather than of boring old profits. The word is that Freeserve shares will be worth buying because they will be priced 'to go'. That means do not buy them because you think they are attractive, but because you think other people will rate them. Then you get out before they do. This is the world of the chain letter, revolving mirrors - and, after more than 300 years, the triumph of hope over experience. financialmail.co.uk