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

To: IngotWeTrust who wrote (11163)	5/3/1998 3:44:00 PM
From: Alex	Respond to of 116955

Thanks ole 49r. I read so many posts that I often suffer from information overload : - ). I've gone back and made hard copies of your three part post in April to 'study' it. Meanwhile, thanks to Colin Seymore.................... Dealers in the City of London will be working overtime in the early hours of May 4th (a bank holiday in the UK) as they wait for trading to open in Hong Kong at 01:00 UK time. Their attention will be focused on the opening of the "grey market" in the new Euro currency which will commence immediately, unlike the offical start on January 1st, 1999. This grey market will trade throughout Europe and the US, and will be watched carefully for signs of dealers' confidence in the new currency. As for the level of gold backing for the Euro, earlier this year speculation was that it would be something like 5, 10, or 15%. Figures I have seen recently have been around 15 or 20%. Although higher than the old figures, there was recent talk of even higher levels of gold backing, so that the current ideas may be being seen as bearish for gold even though older figures were lower. Much of this seems to be speculation and guesswork, since there seems to be little real evidence. The field still seems to be wide open as far as the level of gold backing is concerned and I am sure many traders will be searching for news about this in the days to come. European leaders met on May 2nd to formally decide the first wave of participants in the single European currency, to include Germany, France, Italy, Spain, the Netherlands, Belgium, Finland, Portugal, Austria, Ireland and Luxembourg. 7 Million coin-slot machines must be upgraded at a cost of 10 billion pounds sterling. 80 Billion coins will be distributed by the army in 2002. The word for the new currency, "Euro", means urine in Greek. Computer keyboard, fonts, and printers must be upgraded to display the new symbol.