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To: Enigma who wrote (59383)	10/5/2000 10:36:46 AM
From: Ahda	Respond to of 116763

I am posting this more for the human nature element not knowing exactly what caused this report or if there is any credence to the allocations. UK sterling has been losing value, a condition we refer to as inflation, When push comes to shove one's nation comes first. Taken from the London Times. Bank 'made $1m in euro sale' BY LEA PATERSON, ECONOMICS EDITOR THE Bank of England is believed to have sold euros, making a profit of more than $1 million (£685,000), on the same day central banks from around the world staged a co-ordinated single currency rescue attempt. Details of the transaction emerged as the euro fell back to the level at which central banks intervened, as key interest rate decisions loomed. Official records released yesterday revealed the Treasury instructed the Bank to buy 85 million euros (equivalent to £51 million) on September 22 as part of a co-ordinated attempt by the Group of Seven (G7) industrialised nations to bolster the value of the single currency. However, well-placed City traders suggested that the Bank may have made a profit on the intervention after the Treasury authorised it to sell the bulk of these euros later the same day at a highly favourable exchange rate. Analysts said data showing that UK Government reserves fell by just $41 million (£28 million) last month despite the co-ordinated intervention supported suggestions that the Bank had quickly resold euros after the single currency rescue attempt became public. The euro surged as much as 2 cents against the dollar after the G7 intervention was announced, meaning that the Bank could have earned more than $1 million in profit had it sold its euros at the top of the market. The Treasury refused to comment on the rumours. Separate figures released by the European Central Bank (ECB) suggested that it committed between $3 billion and $5 billion to the rescue attempt, putting estimates of the total scale of the intervention at about $7 billion. Details of the rescue effort emerged as the euro slid back towards its pre-intervention levels ahead of today's ECB interest rate decision. In early New York trading, the single currency was worth about 87.2 US cents - the same as prior to the central bank intervention two weeks ago. Analysts said the euro was dragged lower by speculation that the ECB may keep rates on hold instead of using monetary policy to back up its intervention. Sentiment was also affected by weak French confidence figures. Speculation that the Bank of England's Monetary Policy Committee (MPC) would also today announce no change in interest rates undermined the pound, which slipped to one-week lows of $1.4525. A series of new economic figures were unlikely to sway the MPC's hand, analysts said. The Chartered Institute of Purchasing & Supply (CIPS) report on services showed that the fuel crisis dampened down growth in the sector last month. The CIPS headline indicator of services activity dropped from 58.3 in August to 55 in September. A separate survey by the Confederation of British Industry (CBI) suggested the fuel crisis has hit growth, with retail sales volumes growing at their slowest rate for 17 month. Data from Halifax, Britain's biggest mortgage lender, suggested that there was still life in the housing market. House prices rose 1.6 per cent last month, Halifax said, the biggest monthly gain since the beginning of the year. Annual house price inflation rose to 9.2 per cent.

To: Enigma who wrote (59383)	10/5/2000 10:59:09 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 116763

Enigma; Numerous newspaper articles on Rubin/Citi & the ECB leak... The "ESF" is not a figment of anyone's imagination; but by its charter - they "intervene" to "stabilize" markets. It's their lack of oversight that should cause one to see manipulation in place of intervention... Also, is "intervention" not at least a kissing cousin to "manipulation" ? - ie: via bailing out LTC, via propping up the US Equity Market, the US Dollar - via shorting Gold to quash inflation fears over Oil Prices (that "don't matter" anyway VBG)? The Kudlowites of the world had to be able to point to Gold and say - "hey; look at Gold, it's dormant - there can't be any inflation if Gold is not reflecting it, Oil doesn't matter in this new paradigm productivity economy, or Gold would reflect that fear etc".... They also had to have a weak POG to keep King Dollar; but too many holes in the dike here & not enough fingers; all the kings horses & all the kings men - aren't going to keep this dike (the US Bubble Market/King Dollar) together much longer and Inflation was acknowleged by the ECB today; and they're saying that the Euro zone growth will surpass the US growth rate in 2001. The flight from King Dollar "aint" far away. The writing is on the wall folks; Euro has bottomed/US Dollar has peaked & that's great news for Gold. Now; should Oil spike to $40-$50 this winter & should we see a "Black October" correction in the US equity market; that Yellow Fury called "Gold" gets unleashed... and the Gold Carry Trade & Citi, Chase, JP Morgan & Deutsche will get to feel some LTC-esque Derivative pain; soon, very soon... XAU 40-45 if seen; will represent a historic sector opp similar to OSX 50 & what $10 Oil did just 2 "Black Octobers" ago... Gold's been the "new paradigm/bubble" whipping boy long enough - time to lay the serious money on the Yellow Dog - yes; I know he's been sleeping on the porch for 6-7 years; but he's waking up & he's foaming at the mouth & teeth barred; he aint takin it no mo... don't mess with the Yellow fightin' Dog here ! Play; Black to Yellow Gold & Short the Bubble - it's just that simple.