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To: goldsnow who wrote (5606)	1/11/1998 7:05:00 AM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116756

biz.yahoo.com want to guess what will be the repercussions if the Hong Kong dollar starts sliding badly? I am beginning to believe that shortly, everybody and their dog are going to put a very very positive spin to the Asian fallout.. it will mask the slow down in earnings of the big corporations and put the blame on external forces rather than internal weakness.. (tech stocks have led our market for a long term and since Microsoft isn't going to have a major product out soon,as before, techs will use whatever excuse to sell off until the next product launch.. unless Year2000 and not the Asian mess really cuts into corporate spending) Somebody might start staying that protectism is no longer a threat and the global world economy will truly be the world economy with no borders? Intuitively I would say this is great for gold and great for the market.. Asia will rise again and the IMF and central bankers will start losing their "revered"(a joke) status and gradually the world will start demanding some standard. Look what the Australian CB did, and now look what they are getting..Voters are going to have to start getting furious. If enough investors see meltdowns in real estate (is Hong Kong next?) as you said before, they will start realizing that the most beaten down asset class is probably the safest asset class to go up in the next few years. Noticed in Barron's that Ray Dalio who well respected thinks the Asian crisis is much worse.. (heard that even reporters are now saying that clinton is a pretty good republican president :>) I am not being a devil's advocate with my latest posts, but I do seem to be relying more and more on intuition. Instead of focussing on all the damage that has been done to the Asian people, I seem to be focussing more and more on the meltdown in protectism.. (I can't see clinton impeached because currently too many people are doing much better than they have in a long time and now he is beginning to offer goodies to voters..since everything is political, he probably wants a trial now when times are so good..if times got much worse..then he might be in trouble)

To: goldsnow who wrote (5606)	1/11/1998 9:50:00 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 116756

GS--I love this part of that link>>""What is needed in Japan is for the Government to use public money to relieve the banks of the bad debts."" Anyone remember the S+L bailout? James Keating? How about that bald bastard and his lovely ex-wife from Arkansas? Sonny and Cher used to have a song, """And the beat goes on.""" The banks that have mismanaged their capital should disappear. This story sounds more like a story about gold>>LONDON, Jan 11 - Regent Pacific Group Ltd's chairman Jim Mellon said Hong Kong's Hang Seng index could halve from current levels before it recovers, the Sunday Times newspaper said on Sunday. ''I hate picking movements in indices but I would predict the Hang Seng could fall to 4,000 or 5,000 before it bottoms,'' the paper quoted Mellon from the Hong Kong-based global emerging markets investment house as having said. According to the Sunday Times, Mellon also said: ''I don't think anything can stop a freefall in Hong Kong. There will be one more downward spiral involving the collapse of the Hong Kong market and the Hong Kong dollar.'' The Hang Seng lost 3.89 percent (359.89 points) last Friday to close at 8,894.64. It ended 1997 at 10,722.76, and has thus lost just over 17 percent since. The Hong Kong dollar, by comparison, has been held within a few cents of 7.75 to the dollar throughout the 1990s, or time immemorial in forex market terms. It is the only Asian currency which has not lost significant ground against the U.S. dollar in the past six months. Regent Pacific, which was floated last May, concentrates on fund management, corporate finance, corporate investment and security brokerage. It also provides investment management and advisory services in emerging markets to institutional and professional investors worldwide.

To: goldsnow who wrote (5606)	1/11/1998 11:26:00 AM
From: Ron Wilkinson	Respond to of 116756

Curious, with all these countries trying to defend their currencies from dropping further by selling $US you would have thought that someone would have had some success by now. Maybe it will take a big chunk of China's or Japan's reserves to start softening the $. ? Regards, Ron

To: goldsnow who wrote (5606)	1/11/1998 9:04:00 PM
From: goldsnow	Respond to of 116756

>>OFF TOPIC>> Stolen by me and edited by me From another threadToddler Property Laws: 1. If I like it, it's mine. 2. If it's in my hand, it's mine. 3. If I can take it from you, it's mine. 4. If I had it a little while ago, it's mine. 5. If it's mine, it must never appear to be yours in any way. 6. If I'm doing or building something, all the pieces are mine. 7. If it looks just like mine, it's mine. 8. If I think it's mine, it's mine. 9. If I. . .Oops! I'm sorry, I goofed! Instead of typing in the Toddler Property it should be GVN's plan toward your gold

To: goldsnow who wrote (5606)	1/11/1998 9:39:00 PM
From: goldsnow	Respond to of 116756

HK to see stormy week amid rate rises, bank woes 09:09 a.m. Jan 11, 1998 Eastern By Carrie Lee HONG KONG, Jan 11 (Reuters) - Hong Kong is bracing for a stormy week ahead, with market sentiment frayed by interest rate rises and concerns over the troubles of a major local investment bank. Shares and property prices are poised to come under pressure after major banks decided last week to raise both their deposit rates and best lending rates by 75 basis points. But the rate hikes may just be the start, with prominent banker David Li, chairman of Bank of East Asia Ltd, predicting another half a percentage point rise in interest rates in the next three to four months. On Friday, investment bank Peregrine Investments Holdings Ltd rattled market nerves by announcing the collapse of a life-line deal which would have injected US$200 million in fresh capital into the troubled firm. The economic crisis which has pummelled Asian currencies and stocks has left Peregrine, one of Asia's largest independent investment banks, fighting to hold together its Asian empire. A company official acknowledged that the survival of Peregrine hinged on whether it could secure new investors. While the bank was already in talks with potential investors, the Peregrine saga looks set to shatter confidence in the already depressed stock market. Peregrine chairman Philip Tose said investment sentiment in local shares was very poor and the blue-chip Hang Seng Index might slump to 7,000 on Monday, the Apple Daily reported. Interest rate rises and Peregrine's woes already took their toll on Hong Kong stocks traded in London, with the Hang Seng London Reference Index losing 513.82 points, or 5.78 percent, to close at 8,380.82 on Friday. Earlier, in local trading, Hong Kong stocks fell to their lowest levels in more than two-and-a-half years on jitters about the Asian market turmoil and higher local interbank rates. The Hang Seng Index slumped 359.89 points, or 3.89 percent, to close at 8,894.64, its lowest close since May 10, 1995. Asia's financial troubles and ensuing economic downturn have forced the closure of a number of companies, and more are expected to follow. Hong Kong, the city reputed to have the most licensed restaurants in the world, could see the closure of up to 800 eating establishments in the next nine months, an industry expert told the South China Morning Post on Sunday. The government rushed to allay jitters in the territory over the weekend. Financial Secretary Donald Tsang said Peregrine's problems had already been much digested by the stock market, and urged investors to react rationally. He also said investors in Hong Kong would not suffer repercussions from difficulties facing the investment bank. Hong Kong Monetary Authority Deputy Chief Executive David Carse said Peregrine's difficulties should not have a knock-on effect on other banks. Hong Kong Chief Secretary Anson Chan firmly denied rumours that the government was reviewing the local currency peg to the U.S. dollar, saying the 14-year-old linked exchange regime which pegs the two currencies at HK$7.8 to US$1 is to stay. She called for steady nerves, cool heads and prudence in the face of volatility in currency and stock markets. ^REUTERS@

To: goldsnow who wrote (5606)	1/12/1998 4:02:00 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 116756

The dollar's direction is still up and only a massive G-7 intervention will be able to desively reverse the process at this point. Hopefully soon. Gold stocks smashed again today despite stable gold price. Very bad action. That article on the dollar mentioned that the real problem in Japan is the reluctance of the government to use public funds to bail out the banks. Talk about free markets! Only for the poor and middle class -- the big boys cannot be allowed to fail. Here we have a key factor behind the U.S. equity bubble and gold bear -- big money is very confident they will be bailed out if the going gets rough. Who needs gold under these conditions? Of course when the public finally revolts against this "socialism for the rich", gold will shine again. The closing rally by the Dow almost certainly signals a rally in many overseas equity markets tomorrow. Probably won't last long, but many international funds should bounce nicely for a day or two.