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To: Henry Volquardsen who wrote (1593)	3/5/1998 1:49:00 PM
From: CLK	Read Replies (2) \| Respond to of 3335

Once again I appreciate your answer which is based on a great deal of actual familiarity with the situation which, of course, I do not have. Here is some "On Topic" news: SIR and ERB just made a news release announcing : "1,350 ft of care was shipped" and " Preliminary analysis of the core and geophysical logs..have indicated encouraging results from conventional gas from porous sands"..and.."testing of the core for coalbed methane gas is continuing and results are anticipated to be ready by the end of March." Lastly it notes, "Further testing of the Ferndale 1-A well will be carried out in order to confirm commercial gas rates." Comments: That is a long segment of coal core, results are coming soon, and the new news about conventional gas sources (sands) means a potentially larger hit. I would guess that the gas in the sands come from the coals. If they confirm the flow rate to be economic, all the pieces should be in place, assuming the coalbed analysis is also favorable. Too bad we do not have a coal geologist on this thread who is as knowledgeable about coalbed methane as you are about European Geopolitical and economic forces. If we did we would be way ahead of the game.

To: Henry Volquardsen who wrote (1593)	3/5/1998 2:59:00 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 3335

OFF TOPIC to Henry and CLK I've been following at some distance the ECU....and would agree with you Henry up until this last Asian currency crisis. Please read an earlier post of mine. 207.183.153.73 These last serious devaluations against a stronge dollar has got to be bothering the new european central bank governors....especially after the earlier problems with Italy and Spain. This new floated currency needs to be stronge or the whole concept of creating a "dollar competive currency" along with creating freer trade in europe is a waist of their time. It is still possible that the US dollar and bonds are in for a surprize with the introduction of a basket of commodities as the foundation for the new central bank. It could still happen if not right away. Another indication of this may have potentially come from Buffet and his purchase/delivery of silver. It is possible that this move was also to support and hedge his Berkshire against instability of currencies. This purchase was not just for a quick trade....otherwise he would have leased the stuff. Buffet could never have announced such a positioning..... Also don't forget the recent purchases by Soros of Silver Mines and a large position in Seven Seas Petroleum. All very interesting What do you two think..? Chip

To: Henry Volquardsen who wrote (1593)	3/26/1998 12:20:00 PM
From: CLK	Read Replies (2) \| Respond to of 3335

Off topic: This weekend the Italian Central Bank head said that he thought the Euro would be a strong currency, specifically, that the Italians held 23-30% gold reserves and he expected the Euro to be something akin to that. So now the Germans, French and Italians have come down on the side of a high gold backing which as I understand it represents 72% of the vote. Gold seems to be firming today and, of course, there is a huge gold short/forward position out there already, the largest in history. I know you disagree with me, and I know you are in a position to know more intimately what is going on in Europe. However, there does seem to be mounting evidence or at least a series of high level hints that they may spring a golden trap on the US dollar. Your comments as always will be appreciated. I find this debate quite helpful since it is important to understand the macroeconomic forces that effect the markets.