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To: Crimson Ghost who wrote (38613)	8/8/1999 1:32:00 PM
From: Alex	Respond to of 116762

China not to sell gold reserves: Report BEIJING: China has no plans to reduce its gold reserves and follow the pattern set by the British Central Bank to dump part of its reserves of the yellow metal, an official report said today. The People's Bank of China (PBOC) has no plans to reduce its gold reserves by selling them, China daily business weekly quoted financial experts as saying. Gold reserves of China are not too large considering the size of the country, Zhong Liang, an official with the Institute of International Finance of the Bank of China (BoC) said. China has about 400 tonnes of gold as compared to the U.S.' 8,000 tonnes, Germany's 3,000 tonnes and Italy 2,000 tonnes. The value of China's gold reserves stands at $10billion. As a developing nation, China's operational abilities in the international financial market are comparatively weak, Zhong said stressing that the Central Bank needs to hold a certain amount of gold for stability in the national economy. The British Central Bank declared in May this year its intention to sell 415 tonnes of its 715-tonne gold reserves within the next few years. On July six, it off auctioned 25 tonnes of gold. The International Monetary Fund (IMF) also announced plans to sell 310 tonnes of its gold reserves, triggering a slump in gold prices world-wide, leading to the lowest point in 20 years. PTI report. expressindia.com

To: Crimson Ghost who wrote (38613)	8/9/1999 9:38:00 AM
From: Rarebird	Read Replies (2) \| Respond to of 116762

Big Market Sell-Off Coming? You Bet! NEW YORK (Reuters) - The market is incredibly overpriced and Federal Reserve Chairman Alan Greenspan stands ready to knock the legs out from under the longest-running bull market. But Wall Street bulls say stocks are not in a crash mode. ''Stay bullish, if you can take the risk,'' the experts say. The economy is still in great shape and with corporate profits expected to be up more than 20 percent in the second half of this year, the stock market should be able to extend its winning streak -- even if the Fed raises interest rates a notch or two, the bulls say. And, they view the guesswork on when the ''Big One'' will finally send the market crashing in flames as just a crazy exercise that's failed to hit the bull's eye for nearly five years. Only recessions and financial crisis have been known to cause tremendous stock market upheaval. So far, there is no evidence that either will slam stocks. Greenspan, who has been trying to talk down the market since December 1996, when the Dow Jones industrial average was nearly half today's level, sees stocks as one of the greatest manias ever. The Federal Reserve's own market valuation model says stocks are overvalued by an eye-popping 40 percent. The model, which compares corporate earnings with the 10-year note yield, reached a record 48 percent in July, when the Dow and other indexes zoomed to new record ground. The model has come down from its peak due to the market's recent pullback and a jump in bond interest rates to almost two-year highs. dailynews.yahoo.com