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Non-Tech : Any info about Iomega (IOM)? -- Ignore unavailable to you. Want to Upgrade?

To: Herb Fuller who wrote (33477)	10/27/1997 9:24:00 AM
From: Teddy	Read Replies (1) \| Respond to of 58324

OT Herb, i think gold prices have been driven down by short selling for a long time now, i expect they will soon cover, and go long and we will see a rally in gold prices. Gold Plunges to 12-Year Low On Swiss Plan to Pare Reserves An INTERACTIVE JOURNAL News Roundup Gold futures prices plunged to 12-year lows Friday after a Swiss panel of experts formally recommended selling more than half the country's gold reserves, which would flood the market and could lead other countries to follow suit. News of the Swiss National Bank's proposal pushed gold for December delivery down $16.10, or 4.9%, to $308.30 -- a level last seen in February 1985. Proposed changes in Switzerland's monetary policy unveiled Friday would allow the Swiss National Bank to allocate 1,400 metric tons of its 2,600 tons of gold reserves for purposes other than stabilizing the Swiss franc. That raised immediate fears that some of the gold would be sold on the open market. The Swiss plan, released by a panel created by the central bank and the Swiss finance ministry, was particularly unsettling to investors after gold failed to post substantial gains on Thursday, despite financial uncertainties that swept through global markets after the Hong Kong stock market plunged. December gold rose just $1.10 an ounce Thursday in New York. Gold often gains sharply at times of financial uncertainties because it has been seen in the past as a so-called safe-haven investment. But the Swiss plan dominated trading on Friday. Under the monetary plan, seven billion Swiss francs ($4.78 billion) of gold would be initially earmarked for a proposed fund that would be used for humanitarian purposes, including paying compensation to Holocaust victims. The humanitarian fund hasn't yet been sanctioned by Parliament. The Swiss National Bank has traditionally valued its 2,600 tons of gold at an extremely conservative 4,595 francs per kilogram, compared with a market price of close to 17,000 francs. The revaluation would bring current gold reserves closer to their market value of 44 billion francs from the 11.9 billion francs currently audited. The finance ministry's proposals for the revision of the country's monetary constitution will now be submitted to Parliament. A vote there and an ensuing referendum aren't expected until Spring 1999, at the earliest. The Swiss people's vote will likely be a de facto decision on the future of the Humanitarian Fund, which has run into some public opposition in the past. The possibility of such a sale could prompt other countries to cash in on their gold reserves and use the proceeds to invest in higher-yielding investments, said analyst Bette Raptopoulos at Prudential Securities Inc. "It's a lot of gold that the Swiss are talking about," she said. "But the real issue that has shaken the market is that this diminishes long-standing central bank commitments to gold and their reserves and opens the door to a flood of countries selling their inventories." Check out the last few paragraphs of this similar story: biz.yahoo.com My guesss is that this is just the latest in a series of attempts to drive the price of gold down.... i think that in 6 to 12 months the shorts will cover and go long and drive gold over $450 an ounce.

To: Herb Fuller who wrote (33477)	10/27/1997 9:28:00 AM
From: Tom Gebing	Respond to of 58324

Herb - Gold is sinking because the cental banks are selling surplus.. Even the Swiss....