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

To: Alex who wrote (13238)	6/16/1998 12:03:00 PM
From: TD	Respond to of 116791

MARKET UPDATE (6/16/98) AM ----Gold went sharply higher this morning on short covering in London and New York along with a sense that the Asian crisis is for real and not going to get better soon. This market has been characterized by strong physical purchases of the metal as investors globally hedge their portfolios against an array of problems seemingly converging in the months and years to come. Those ordering gold at Centennial Precious Metals cite five major concerns: * 1. the year 2000 problem. * 2. the introduction of the euro. * 3. Asian currency crisis * 4. the introduction of the Euro * 5. potential stock and bond market crash (related to all the above) When pressed to explain which of the above bothers them the most, most investors say they are not buying gold for just one reason but for a number of reasons. They also cite the bargain basement pricing and concerns that a shortage might develop for the metal. Today gold is reacting to the strength of the yen if the mainstream press reports are to be believed, but we see yen strength as temporary and the Asian crisis as long term. Headlines around the world this morning emphasized developments in Asia, as did the media in general. Investors globally are reacting with gold purchases. We'll update if any hard news develops. There has been a rumor floating about that the Japanese are buying gold. One rumor has it that the Japanese bought 400 tons last week. Obviously, if the Japanese are buying gold as the crisis there mounts, they wouldn't broadcast it, so this one is going to be difficult to verify. If we hear anything, we will pass it along. The bond market is taking a hit this morning. The old worry about Japanese Treasury sales continues to overhang that market. Once again we do not have confirmation at this time, but we would not be surprised to learn that the Japanese were selling into recent strength in that market.

To: Alex who wrote (13238)	6/16/1998 3:32:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116791

OK, that tells what they think, what do you see as $vs Yen,& when rh