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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (38823)	8/11/1999 5:33:00 PM
From: George Castilarin	Read Replies (2) \| Respond to of 116764

HONG KONG (AP) -- Beijing has decided to use military force against Taiwan if Taipei refuses to abandon President Lee Teng-hui's recent declaration of statehood, a Hong Kong newspaper reported Wednesday. The South China Morning Post said the Chinese were considering an "appropriate degree of force," but the only option mentioned was the invasion and temporary occupation of an outlying island held by Taipei. The newspaper, citing unidentified Beijing sources, said Chinese leaders are split over the timing, with hard-liners favoring military action soon after Oct. 1, China's National Day, while moderates prefer waiting until Taiwan's presidential elections next March. The moderates argued that Beijing should only take action if the new president refuses to back down from Lee's declaration that Beijing must deal with Taiwan on a "state-to-state" basis, the report said. Top Chinese leaders agreed on the battle plan at the top-level, closed door meetings at the seaside resort of Beidaihe, where Beijing leaders converge every summer to make important decisions, the Post said. President Jiang Zemin, Premier Zhu Rongji and Central Military Committee Chairman Chi Haotian usually attend these meetings, but their presence could not be independently confirmed. The meetings conclude later this week. Tensions between China and Taiwan have risen to a three-year high since Lee's declaration last month, which was seen by Beijing as a major step toward formal independence for the island. China views Taiwan as a renegade province and says it will use military force if Taiwan ever seeks formal independence. The two sides split politically in a 1949 civil war. Military activity has heightened over the Taiwan Strait separating Taiwan and mainland China since Lee's remarks. Lee and his deputies have stood by his statehood claims despite military pressure from Beijing and political pressure from Washington. The Post said that the Chinese leadership has agreed that several top Chinese government units, including the Central Military Commission and the Leading Group on Taiwan, have been granted authority to determine the timing and severity of military action. Copyright 1999 The Associated Press

To: Rarebird who wrote (38823)	8/11/1999 5:38:00 PM
From: goldsnow	Respond to of 116764

Gold shines; bullish signs persist High lease rates continue to bedevil gold prices By Debra McGarry, CBS MarketWatch Last Update: 4:50 PM ET Aug 11, 1999 Movers & Shakers • Stock Discussion • Sector Indexes • Market Snapshot NEW YORK (CBS.MW) -- Gold stocks headed higher Wednesday amid speculation that the International Monetary Fund will cancel gold sales for debt relief and as the dollar remained weak. The Philadelphia Gold and Silver index ($XAU: news, msgs) advanced 4.7 percent, led by Newmont Mining (NEM: news, msgs), which was up 1 1/16 to close at 21 1/4; Placer Dome (PDG: news, msgs), rose 1/2, or 5 percent, to 10 15/16. On Monday, the IMF hinted it may back away from plans to sell up to 10 percent of its gold reserves to help developing nations' debt, driving down the price of gold. On Wednesday, the IMF's deputy managing director, Stanley Fischer, reiterated that the IMF was searching for alternatives to gold sales, but could not rule out the sales. Gold has been hit hard on speculation of central bank sales of gold reserves as well as a strong dollar and economic problems in Asia. December gold futures (GC=Z9: news, msgs) rose 17 cents to $261.50 on the New York Commodities Exchange, supported by high lease rates and a rise in the Commodities Research Bureau index (CRB) (CR A0: news, msgs), which reached a 7-month high on Wednesday and ended the day at 198.10. See Futures Movers. Traders also attributed the rise in gold shares to an increase in the last few weeks in gold lease rates, or the price miners receive for forward sales and how much short sellers must pay to maintain their positions. Lease rates reached 4 percent on Tuesday, which helped the surge in the price of gold and subsequently the main gold index. Dave Meger, metals analyst at Alaron trading, said in a research note that with the gold market still overwhelmingly short on the speculative side, a break above $258 per ounce, basis spot, could "provide good potential for a short-covering rally." Meger also noted that the dollar's "weakness of late" remains supportive for gold. The dollar rebounded today versus the deutsche mark and yen but was down vs. the euro. Debra McGarry is a reporter at CBS MarketWatch. cbs.marketwatch.com