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To: Lucky Lady who wrote (14679)	7/19/1998 3:54:00 PM
From: goldsnow	Respond to of 116764

U.s. Bonds Hang On Greenspan Testimony, Choice Of Japanese Prime Minister U.S. Bonds Hang on Greenspan, New Japan Leader: Rates of Return (Repeats story that originally appeared Friday.) New York, July 19 (Bloomberg) -- The fate of the U.S. bond market this week lies with two men: Federal Reserve Chairman Alan Greenspan and whomever Japan's ruling party names as prime minister. Greenspan could move the market Tuesday with his semiannual testimony to Congress on the economy and interest rates. Later in the week, on Friday, results of a battle for leadership of Japan's ruling Liberal Democratic Party -- and the post of prime minister -- may spur bond trading by giving investors clues to the pace and extent of reforms in Japan. The 1 3/4-point decline in 30-year Treasury bonds last week, the biggest in more than six months, came as many investors worried that Greenspan's comments or the selection of Seiroku Kajiyama -- a supporter of banking reform -- in Japan may lead to further bond losses. Others are betting that Greenspan will cheer investors, and that Japan's highest post will go to Keizo Obuchi, who is not expected to show much enthusiasm for sweeping reforms that could revive the world's second-largest economy. ''The bond market looks good,'' said Ned Riley, chief investment officer at BankBoston, which oversees $30 billion. ''I would suspect that Greenspan's testimony is going to be upbeat, while problems in Asia aren't going to disappear regardless of what fiscal measures are taken in Japan.'' Bad Week Riley's optimism follows the biggest weekly drop in bonds since February. The 1 3/4-point slide in 30-year bonds, or $17.50 per $1,000 bond, lifted its yield about 12 points to 5.74 percent. Since June 30, the 30-year benchmark Treasury bond's yield is up about 11 basis points. Its total return so far this month, measuring its price drop and accrued interest, is down 1.3 percent, a sharp reversal from the 7.1 percent gain in the first half. The trigger for bonds' losses last week was a falling dollar. The U.S. currency dropped against the yen amid speculation that a new Japanese prime minister will take steps to stimulate the ailing Japanese economy and reform its banking system. Ryutaro Hashimoto resigned as prime minister last week after his party suffered big losses in elections. ''The market's focused on what is or is not going to happen in Tokyo,'' said George Adell, trader at Philadelphia-based Starboard Capital Markets Inc. ''We're doing the Japanese routine bloomberg.com@@4A6XZAYAUdlSXFeB/news2.cgi?T=news2_ft_topww.ht&s=556197852

To: Lucky Lady who wrote (14679)	7/19/1998 4:26:00 PM
From: goldsnow	Respond to of 116764

I do not know about Japan, but China has been consistent (and certainly no less ambitious) Chinese Gold Output Climbs BEIJING (AP) -- China's gold output has soared this year, making it likely the country will haul in 200 tons of the precious metal by year's end. Wang Dexue, head of the government's Gold Management Bureau, told a seminar recently that gold output rose more than 28 percent in the first five months of the year, the official Economic Daily reported Saturday. Although no figure was given for the January-to-May haul, the Economic Daily reported that the government took in more than 166 tons last year. Wang attributed the higher yield to lower world market prices for gold. Narrower profit margins crimped the black market, and miners, smelters and people, fearful of further price drops, sold more gold to the government as required by law. biz.yahoo.com