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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (66)	7/26/2002 10:49:41 PM
From: TobagoJack	Read Replies (1) \| Respond to of 867

Dollar Up ... quote.bloomberg.com 07/26 16:35 Dollar Has Its Biggest Weekly Gain in 16 Months Versus Euro By Vivianne Rodrigues New York, July 26 (Bloomberg) -- The dollar had its biggest weekly gain against the euro in 16 months as U.S. stocks rose and a University of Michigan report showed consumers were more confident in July than previously estimated. Demand for the U.S. currency climbed as the three most closely watched U.S. stock indexes gained, analysts said. The dollar has moved in the same direction as stocks on nine of 10 days during the past six months. ``The dollar is pretty much in step with the equity market,'' said Brian Taylor, head trader at Manufacturers & Traders Trust Co., in Buffalo. Foreigners will have ``a lot more confidence'' to invest in the U.S. if stocks continue to fare better than European shares, he said. Taylor has been betting that the euro will drop further against the dollar, he said. The U.S. currency strengthened 2.4 percent against the euro this week to 98.72 cents per euro, its biggest weekly gain since March 2001. It rose 1.75 percent today. The dollar also had its biggest jump in 14 months against the yen, rising 2.1 percent to 118.87 at 4 p.m. from 116.47 yesterday. Gains for the dollar accelerated after reports that the University of Michigan's final consumer sentiment index for July was 88.1, compared with a preliminary report of 86.5 and a June reading of 92.4. Economists had expected a reading of 86.5 in the final consumer sentiment index, based on the median of 46 forecasts in a Bloomberg News survey. The Standard & Poor's 500 Index rose 1.7 percent and the Dow Jones Industrial Average advanced 1 percent. German and French benchmark stock indexes dropped 10.2 percent and 6.8 percent this week, respectively, in dollar terms. The Dow Jones rose 3 percent this week, while the S&P 500 Index gained 0.6 percent. Nikkei ``With the rebound in U.S. stocks and the poor performance elsewhere, we are seeing more investors repatriating their money back to the country,'' said Ben Ghalmi, a Europe specialist at Alliance Capital Management LP, with about $450 billion in assets. A drop in Japanese stocks today pushed the Nikkei 225 stock average to its biggest weekly decline in almost 1 1/2 years. The dollar's gains may not last because the widening U.S current account deficit drains money from the world's largest economy, some analysts said. The deficit reached a record $112.5 billion in the first quarter, and may have widened further in the second quarter. The trade deficit, a key component of the current account gap, swelled to a record $37.6 billion in May, the government said. ``It may be hard to sustain this week's gains in the dollar having such a large current account deficit to finance,'' said Alliance's Ghalmi, who is recommending clients invest in euro- denominated assets.

To: TobagoJack who wrote (66)	7/27/2002 6:09:12 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 867

Jay, perhaps my investigating gold and calling it the equivalent of stamp collecting, Amway multi-level marketing and the Masons demoralized the market. Which I can understand and I regret any undue impact on your fortunes - I hasten to add that gold is a perfectly innocent metal, like lead, mercury and iron. One of the other things I wondered was if everyone used gold as the official monetary system, how much gold would each person have? 6 billion people divided into all the gold in the world = how many ounces of gold would we each have? Then, we can assume that half of them wouldn't have any, so the other half would have it, so how many ounces for 3 billion people, on average? At $300 an ounce that would be how much in US$? My guess is that there isn't enough gold to form a currency for everyone, even if it wasn't a crazy idea to use a metal as money. It's the era of software and cyberspace and money doesn't need to be based on base metal when there are $$trillions in shares and other assets which could be softwared into currencies as reliable stores of value and fully tradable. It seems we have a re-run of the Labour Party as government for another 3 years. Shall keep passport, credit cards and airport handy... Mqurice