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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: philv who wrote (8102)	3/6/1998 1:04:00 PM
From: Ray Emery	Respond to of 116764

Excuse my off topic response, but this economy, which, for the time being is doing well, does so in spite of Bill Clinton... not because of him.

To: philv who wrote (8102)	3/6/1998 1:09:00 PM
From: Alex	Read Replies (2) \| Respond to of 116764

From USAGold - Czech sale................ MARKET UPDATE (3/6/98) AM-----Gold came out of its four day funk to register sold gains this morning as lease rates climbed again in London (to 3.25%) and jobless numbers in the U.S. reflected an over-heating economy. Reuters reports contracting liquidity in the physical gold market. In Hong Kong overnight Japanese buying was encouraged by a dropping dollar and the announcement by the Japanese government that they would be willing to pump one trillion into their stock market if it started to cave. While the Japanese share prices reacted favorably at first blush, there have to be those in Japan that understand that this money is not going to drop out of the sky. Japanese citizens will be the ones paying for this bailout whether it be through increased tax rates or inflation -- either the bailout will not come without its cost to the taxpayer. In Europe, gold was up broadly due to strong buying in London reportedly resulting from short covering before the weekend. One London dealer called the market "still very short". The recent for the recent mild doldrums in gold came to light in this morning -- the Czech central bank sold off 25 tons, according to this same dealer. He offered the Czech sale as one reason for the tightening lease rate market. Apparently the Czech bank was previously a lender that became a seller. Reuters reports that those preparing for membership in the European Central Bank are calling in their leased gold in preparation for its launch. "I do not think we are going to see that there's been a big sale," said this source, "although it appears some of the funds have started selling again on the basis of that. I think that's a mistake." This statement verifies our contention published here yesterday that the recent downside had more to do with short selling than anything else. The twenty five ton sale by the Czech bank is a non-factor from a supply-demand point of view but it may have a psychological impact depending upon whether or not other small banks intend to follow suit. Silver's taking a beating as we go to fetch this over to the server. The yen's getting hammered as well. Gold could turn to the downside yet today. That's it for now. We'll update later if anything interesting surfaces.