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Gold/Mining/Energy : At a bottom now for gold? -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (1139)	5/2/1998 4:19:00 PM
From: Bo Bob Brain	Read Replies (1) \| Respond to of 1911

Meeting falling apart in Brussels. Could be bullish for gold and the dollar. They did agree on who will get the position as the head (Greenspan equivalent) of the European Central Bank for the eleven countries that have joined. Dusenberg(sp?) a Dutchman will be the head. The term was for 8 years, but the French wanted their man, but the Germans didn't want the French guy. After 4 years Dusenberg will resign and the head of the French central bank will take over. The CB has been politicized. Who will be on the board(like the federal reserve board)? The Germans want their men on the board, a tremendously powerful position as they vote on interest rates for all of Europe. The French said no to this. The meeting is falling apart with a compromise trying to be reached. Politics has gotten involved with economics. Duh. Politicians will be running the financial system. Like congress setting US interest rates, running the retirement funds, etc. They are running our social security fund and it's going broke. This is not good for the European currencies. Politics and economics don't mix. Political compromises, rather than economic realities means problems. Much will happen over the next 2 days, depending on what is agreed upon and how it effects gold and the worldwide economic markets. Gold could be a buy depending on the results of the meeting. Next resistance level for the S&P is 1131 for Monday. A break above this will lead us to the highs around 1140-1142.