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Gold/Mining/Energy : GOLD-XAU -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (1063)	1/8/1998 5:42:00 PM
From: Ed Pittman	Respond to of 1756

Ole 49r...are you still on line.. Regards, Ed

To: IngotWeTrust who wrote (1063)	1/8/1998 6:07:00 PM
From: Jim McMannis	Respond to of 1756

RE: Your ABX... Ya win some and you lose some. The fact you were buying ABX outright suggests that you were looking for some kind of turn in gold stocks...rather than shorting the rallies as you had been doing. I take it you got a little antsy about the $195 gold... I'd hang in there and hope for a double bottom in the XAU. In 1992 the right side of the W actually went a little lower than the left side. If not we may be able to use gold leaf for countertop covering. Best of luck, Jim

To: IngotWeTrust who wrote (1063)	1/8/1998 7:22:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 1756

Howdy ole 49r . I wuz wunderin if you ever saw the remarks made about the fed by congressman Louis McFadden Chairman of the House Committee on Banking and Currency during the 1930's. He did not like the Fed to say the least. www9.pair.com Does anyone know about McFadden? How is your mule? Mike

To: IngotWeTrust who wrote (1063)	1/11/1998 12:21:00 AM
From: Don Green	Respond to of 1756

Gifts of Gold from WSJ.. The passing of the calendar year had no healing effect on Asia's diving currencies, whose values continued to whistle on down in the first week of trading in 1998. Having already hit up the International Monetary Fund, Japan and the U.S. for aid, regional governments are now looking for parachutes in less orthodoxes places: their citizens' jewelry boxes. Leaders in Thailand and Korea have appealed to the people to turn in their gold trinkets so that the central bank can melt them down and buy dollars to prop up their leaden currencies. In return for their offerings, Thai donors will receive government bonds, and Koreans will be repaid in won within a month. The idea that thousands of people will lug their gilded buddha statuettes, first-place medals and other baubles down to collection points is rather bizarre, given the Asian tradition of buying and holding onto gold for dear life in times of crisis. There are unconfirmable estimates that Koreans hold an estimated 2,000 tons of gold, worth $20 billion, which if it were all delivered would amount to about one-third of the IMF bailout package. The Korean gold campaign claims that something over $100 million worth of gold has already been collected in a drive that will continue until the end of the month. Skeptics are told to remember that a similar program instituted in the beginning of the century to pay debts owed to colonial ruler Japan raised about one-sixth of the debt, but those were different circumstances in a different time. In Thailand, some 10,000 gold traders will each hand over one kilogram of the precious metal. The Bank of Thailand expects the public to pitch in with another 10 tons, although we are not sure what basis there is for that expectation. The recent selling of gold by central banks--not only in Asia but in some other countries of the world--may be one reason the market price of gold has dropped. That, of course, makes public offerings ever smaller drops in the bucket of needed funds. In fact, the major benefit of these programs, to the extent they succeed at all, is likely to be psychological, not economic. Leaders are appealing to their people on patriotic grounds. Thailand's gold drive is called "Thai Chuay Thai," or "Thais helping Thais." Self-help programs are seen as bolstering national self respect, which has been weakened by the need to resort to IMF bailouts and to submit to IMF conditions. The gold drives may help some overcome the sense of helplessness they feel as they watch their wealth evaporate, although others may take the more self- protective approach of hanging onto gold as long as they can. As for outside onlookers, they no doubt will be more impressed when they see Asian governments taking more substantive measures than gold drives to restore the value of their currencies.

To: IngotWeTrust who wrote (1063)	1/11/1998 10:32:00 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 1756

49r--Echo Bay mines removed from S+P 500!!! And this>> Echo Bay Mines Still on S&PWatch Re: Low Gold Prices NEW YORK,-- Standard & Poor's double-'B'-minus corporate credit and single-'B'-plus junior subordinated capital securities ratings on Echo Bay Mines Ltd. remain on CreditWatch with negative implications, where they were placed Dec. 5, 1997. This CreditWatch update follows the announcement on Jan. 6, 1998 of a series of actions taken by Echo Bay Mines in response to continued low gold prices which recently sunk to the extremely low level of $280 per ounce -- an 18-year low. Such actions include: A suspension of operations at the Lupin gold mine in the Northwest Territories, A scaling back of operations at McCoy/Cove gold and silver mine in Nevada, A reduction in capital expenditures, and A $14 million charge to cover the costs of the cutbacks. Ratings were originally lowered and placed on CreditWatch reflecting the deterioration and heightened risk in the company's credit profile, brought about by dramatic drops in gold prices, which resulted a $310 million asset writedown in the third quarter of 1997. While management is taking these actions to lower costs and conserve cash, projected 1998 cash operating costs of $240-$250 per ounce remain moderately high given current gold prices. In addition, Echo Bay's financial profile is marked by diminishing financial flexibility and continued lack of profitability. Standard & Poor's will reassess the company's operating and financial strategies in the context of industry conditions.