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To: Greg Ford who wrote (8570)	3/19/1998 11:54:00 PM
From: Gabriela Neri	Read Replies (2) \| Respond to of 116760

Well thought out comments. Much appreciated. Of all the events which probably have to pass, I think the weaker dollar is most important. Of course, this could result from any number of reasons, like a weak stock market. Foreigners start pulling money out of US investments. Or a weaker Treasury(in price terms, like you mentioned). One or all of these things will come to pass with time-thats the key-when, not if. Which silver calls do you like? How far out in time would you go.

To: Greg Ford who wrote (8570)	3/20/1998 10:33:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116760

Producer - buy backs - do you have any evidence that Barrick are buying back their hedge position? I don't think this is the case, in fact I read recently that Peter Munk said that Barrick had no intention of doing this.

To: Greg Ford who wrote (8570)	3/20/1998 2:16:00 PM
From: Keith Monahan	Read Replies (1) \| Respond to of 116760

Greg, Very interesting post. Regarding your comment on new/replacement hedges putting pressure on the POG - Do you think it would be wise for producers to hedge in the low $300 range? The risk of a short squeeze seems to be growing day by day. If I were a producer, I would be reluctant to lock in at these price levels. I hope the POG could get to at least the 340 - 350 range before forward sales put pressure on prices. Keith

To: Greg Ford who wrote (8570)	3/21/1998 4:41:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116760

Maystadt reiterates Belgian gold sold to cen banks 05:25 a.m. Mar 21, 1998 Eastern YORK, England, March 21 (Reuters) - Belgian Finance Minister Philippe Maystadt reiterated on Saturday gold sold recently by the National Bank of Belgium went exclusively to central banks. ''The buyers were only central banks. This has not had any impact on the gold market during this period,'' Maystadt told reporters at a meeting of European finance chiefs. The NBB announced last week it had sold 299 tonnes of gold to five unnamed central banks, leading analysts to speculate whether the gold had subsequently leaked on to the market, depressing prices. Belgian officials confirmed separately that the government was likely next week to propose legislation enabling the proceeds from the gold sale to be used to pay off some of the country's debt, in line with a similar 1996 operation. Belgium's debt, at around 120 percent of gross domestic product, is twice as high as the reference level for countries wanting to take part in European economic and monetary union (EMU). ((York Newsroom 0044 (0) 1904 666686)

To: Greg Ford who wrote (8570)	3/21/1998 4:43:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116760

BoI's Fazio sees large role for gold in ECB 02:06 p.m Mar 21, 1998 Eastern YORK, England, March 21 (Reuters) - Bank of Italy Governor Antonio Fazio said on Saturday that gold's share in the reserves of the European Central Bank could be the same or higher than its role in Italian reserves. ''A part of the (ECB) reserves will be in gold,'' Fazio said. ''This share could be in proportion or even a little bit higher than in our (reserves).'' Italy is one of the largest official holders of gold in the European Union. Gold presently accounts for around 30 percent of its reserves. Fazio was speaking at the end of a two-day meeting of European Union finance ministers and central bankers in this northern English town. ^MORE@