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Gold/Mining/Energy : Sideware Systems - SYD.u/V, SDWSF -- Ignore unavailable to you. Want to Upgrade?

To: Gator who wrote (5904)	9/3/2000 10:51:22 PM
From: jocko	Respond to of 6076

Thanks Gator :-) OT :-) If you hold shares in gold mining companies, you can help GATA and the gold cause by sending this and GATA's last several dispatches to company executives. Ask them to consider what GATA is doing and to help us. Please post this as seems useful. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * ANOTHER BLAST FROM FRANKFURT AT THE MARKET MANIPULATORS By Bill Murphy, Chairman Gold Anti-Trust Action Committee Inc. September 3, 2000 The following news story is about something that had to contribute to the sharp rally of the euro on Friday, but for some strange reason, it was not covered by the US Press. At least no one I know had heard of it or read it until today. Is it any coincidence that the Bank of France Governor Jean-Claude Trichet is denouncing U.S. financial markets from Frankfurt, Germany, right after the Frankfurter Allgemeine Zeitung, Germany's foremost newspaper, publishes two stories about GATA -- the same GATA that has been attacking a faction of the U.S. government and U.S. bullion banks for manipulating the gold market? Central bank officials couch their words carefully. The story emphasizes, "European officials railed against U.S. financial markets," as in the headline of the story -- not against financial markets in general. Trichet's outrage emanates from Frankfurt. Is that a coincidence too? Do you not think they know what the United States and bullion dealers are doing to gold? For that matter, "gold" could be inserted in this story in place of "euro." The amazing GATA stories in the FAZ were no accident. Interestingly, the stories contained no contrasting points of view, as is customary. No, the Bundesbank wanted to let the world know, in no uncertain terms, that it had reviewed GATA's Gold Derivative Banking Crisis report and found it persuasive. France and Germany are pro-gold and there is much talk that they are unhappy about what is going on in the gold market in the United States. Now, the top official at the Bank of France "rails" against U.S. speculators and U.S. financial markets. Many in the GATA camp believe that gold fireworks are right around the corner. Bellowing smoke is there for the world to see -- it is black, thick, and raging. - - - - Friday, September 1, 2000 Officials: U.S. Drove Euro to Low By Hans Greimel Associated Press Business Writer FRANKFURT, Germany (AP) -- European officials railed against U.S. financial markets Friday for driving the euro to a new low after Europe's latest interest rate hike despite signs that the continent's economic growth is catching up to the United States. Bank of France Governor Jean-Claude Trichet blasted speculators, calling them guilty of "a flagrant underestimation'' of the value of the euro against the dollar. A European Union Commission spokesman said the euro should continue to rise on a tide of "very healthy'' economic fundamentals throughout the region. Even the Japanese ministry of finance said Friday the euro was languishing far below where it should be, based on economic conditions in the euro zone. "I expect the euro to recover considerably," said Haruhiko Kuroda, Japan's vice finance minister for international affairs, said in Tokyo. By late afternoon here the euro was trading at 89.92 cents, up from the record low of 88.38 cents reached Thursday in New York. Economists speculated that traders panicked at Thursday's quarter-point interest rate hike by the European Central Bank, which monitors monetary policy in the 11 countries using Europe's common currency, the euro. The ECB has raised interest rates five times this year -- a move that usually tends to bolster the local currency. But despite the rate hikes, the euro has fallen sharply since being launched at $1.16 in January 1999. "It seems to be the case in the United States that they don't realize the euro zone is really strong enough to resist this rate hike," said Petra Koehler, an economist with Dresdner Bank in Frankfurt. "There seems to be just too much concern."' Estimates say the European economy will grow between 3.3 percent and 3.5 percent this year. While that's still behind the U.S. rate of 5.3 percent, Koehler said a host of other figures are pointing to a European recovery as well. Industrial production, employment rates, and external orders are all on the rise -- and Koehler predicted that the euro would climb to 98 cents by the end of the year, once traders carefully consider the numbers. All that comes on top of weakened figures from the United States that suggest its economic growth is slowing. On Friday unemployment figures showed that joblessness was on the rise. -END-