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To: Alex who wrote (8220)	3/11/1998 2:32:00 AM
From: Abner Hosmer	Respond to of 116764

World Bank VP pessimistic on Indonesia: biz.yahoo.com >>...He noted that Thailand and South Korea, for instance, are using the crisis as an opportunity for political and economic reform... ..But those countries' leaders, as well as Malaysian and Philippine leaders, told Malloch Brown a resolution of the region's crisis ''hinges on Indonesia.''<< IMF says ready to be flexible on Indonesia reforms biz.yahoo.com >>WASHINGTON, March 10 (Reuters) - The deputy head of the International Monetary Fund said on Tuesday that the fund was ready to be flexible on its reform program with Indonesia and that a currency board could work if preconditions were met. IMF First Deputy Managing Director Stanley Fischer also told a news conference that the IMF was watching the humanitarian aspects of the debate about whether to release another installment of its $10 billion loan to Indonesia. Australia has led a chorus of those saying that the tough IMF reform package could fuel civil unrest. ''We are mindful of the potential tragic consequences of events taking place in Indonesia,'' Fischer said. He added: ''We are at the time when the essential need is to deal with...major humanitarian problems that could be arising there.''... ..He did not know whether Indonesia had abandoned the idea, which the IMF has criticized in the past. Managing Director Michel Camdessus said on Monday that a currency board, which would peg the rupiah to the dollar and link cash in circulation to central bank reserves, was ''surrealistic.''

To: Alex who wrote (8220)	3/11/1998 12:50:00 PM
From: GOLDFINGER	Read Replies (2) \| Respond to of 116764

Gold holds in range, silver up post New York start 1:22 a.m. Mar 10, 1998 Eastern LONDON, March 10 (Reuters) - Gold held its recent range during European trading on Tuesday while silver rose firmly in early New York business along with white metals palladium and platinum, dealers said. Gold fixed at $294.40 an ounce in the afternoon, just up on the morning's $294.30, as the spot held within a tight range during reasonable trade. The metal was last at $294.60/$295.10 against its previous New York close at $294.25/$294.65. ''There's been some good business going on but it's been stuck within the $294-$295 range,'' said one London dealer. ''Gold is off a bit in the very short term, I feel sure that gold is a candidate for further weakness,'' he said, adding that market rumours that producers might offer to buy central bank gold holdings in return for their forward sales positions were not helpful to the price. ''The concept is frightening. A central bank will still have to report the gold that they have sold, that's part of the principal of transparency of markets these days, and equally, any mining company will have to report the buy back to shareholders,'' he said. ''The very part of the market they are trying to reassure about sales, namely the funds, I think will be encouraged to sell in the aftermath of anything like that,'' he said. Talk of some sort of deal between central bankers and miners, which has done the rounds since last month's World Economic Forum in Davos, Switzerland, has had little obvious impact on a dull gold price. Gold lease rates, which indicate how much gold is available in the bullion lending market, fell back once again on Tuesday, with one month metal at 2.25 percent according to London Bullion Market Association figures. One month metal was at 2.72 percent on Monday and 3.23 on Friday, prompting questions as to whether a central bank might have sold gold or withdrawn metal from the market for some other reason. Away from a range-bound gold price, silver managed a decent rally on Tuesday after New York trade began. ''Silver's showing a little more strength, having straddled $6.10/$6.13 it's managed to move higher,'' said the London dealer. ''That's still very much in play, probably helped a little bit by the talk of continuing tightness in palladium,'' the dealer added. Silver remained in backwardation, with metal for nearby delivery dearer than metal for delivery further out, a sign of tightness in reported stocks. Platinum also managed a decent rally during New York time, helped by overnight gains in palladium and then by silver's rally in early New York trade. It was last quoted at $388.50/$390.50 versus Monday's New York close of $383.50/$385.50 an ounce. Palladium, after strong gains in Japanese trade early on in the day, gave up some of its firmness to be last quoted at $246.00/$248.00, off the day's highs at $249.00 bid but up on its New York close of $242.50/$244.50 an ounce. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com))