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To: Bobby Yellin who wrote (15449)	8/6/1998 7:39:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 116764

Gold Mining Trivia -g- The entire world gold mining industry now has a total market value of less than $40 billion dollars. Question? What three internets stocks are worth the market cap of the entire world gold mining industry? Answer: - - - - - - - - - - - - -Yahoo, Amazon, AOL Did I say buy XAU? NO I SAID BUY XAU!!!!! : - )

To: Bobby Yellin who wrote (15449)	8/6/1998 7:48:00 PM
From: bobby beara	Respond to of 116764

Trivia part II -g- What countries entire market cap equals 6 of the popular internet stocks (and that's excluding mega cap AOL) ANSWER: - - - - - - - Singapore $68 billion. Did I say buy XAU? NO I SAID BUY XAU!!!!! : - )

To: Bobby Yellin who wrote (15449)	8/6/1998 7:54:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116764

Bobby even now..USA under tremendous pressure due to Growing Trade Deficit...that is offsett for now by oil glut, however OPEC cannot stand idle and allow Oil price to stand that low...Even if Asian situation does not improve winter is coming..could be very cold Gold stuck in range, shrugs off Canada sales news 11:47 a.m. Aug 06, 1998 Eastern LONDON, Aug 6 (Reuters) - Gold remained locked in a range on Thursday in late European trading, shrugging off news that Canada had sold 168,000 ounces, dealers said. Gold was last quoted at $287.60/$288.10 an ounce, from the previous close in New York at $287.70/$288.20. Bullion remained in a range between $286.80 and $288.20. Dealers said gold encountered difficulty breaking through $288.50. ''It is relatively quiet, there was a bit of selling pressure this morning but it failed to move the market,'' one European dealer said. He said he did not see much potential for gold to move higher, adding that bullion shrugged off news that Canada had sold 168,000 ounces in July. Canada's Finance Department said on Thursday the country had sold 168,000 ounces of gold in July, boosting its foreign reserves by US$55.4 million. Its holdings stood at 2.9 million ounces as of July 31, the department said. It was the first sale of gold by Canada since October 1996. The sale represented a reduction in the book value of Canada's gold holdings of US$8 million, and an increase in the country's foreign reserves of US$55.4 million. Dealers said gold remained very muted and seemed to have ignored the weaker yen in later trading on Thursday. Weakness in the yen has directly hit dollar gold prices for weeks now, with bullion dealers using the yen as a pointer to Southeast Asian gold demand. ''The dollar/yen has done nothing today,'' one London dealer said. Dealers said even though the bullion market was relatively thin at the moment, the news failed to make an impact. ''The price did not move at all. For a place like Canada which is a natural gold provider...It highlights the fact that no matter what the (World) Gold Council says, central banks will be quietly selling still,'' another dealer said. Gold tends to be negatively correlated with other asset classes and fell to an 18 year low at $277.00 an ounce this year as the U.S. stockmarket and the dollar have risen steadily in the past eight years. But gold prices are not far from the marginal cost of production for many mines and producer hedging and central bank activity has been light in recent weeks, allowing gold to consolidate around current levels. Gold prices are not seen recovering much ground until the slow summer demand period passes for jewellery fabricators and until the September and October Hindu festivals revive demand in India. Silver was last quoted higher at $5.44/$5.47 an ounce against the previous close at $5.40/$5.43, and dealers said the metal was struggling to go above $5.50. ''If gold does not stabilise at the area where it is now, silver will go down again,'' one dealer said. Platinum and palladium moved higher in European trading. Platinum was last quoted at $381.40/$383.40 against the previous close at $375.50/$377.50. Palladium was last quoted higher at $291.00/$301.00 against Wednesday's $287.00/$297.00 New York close. ((Marius Bosch, London newsroom +44 171 542 8065, fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited. All rights reserved.

To: Bobby Yellin who wrote (15449)	8/6/1998 8:06:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116764

There's no cause for US optimism By Peter Hartcher, Asia-Pacific Editor "The world of high finance can be understood," wrote American economic thinker John Kenneth Galbraith, "only when it is recognised that the greatest admiration is accorded those who are paving the way for the greatest catastrophe." There is an unshakable optimism, so steady that it appears to be genetic in origin, among some of Wall Street's most admired strategists, such as Goldman Sachs' Mr Abby Cohen and Morgan Stanley's Mr Byron Wein. Their optimism is credited with exerting a stabilising influence on US stock prices after Tuesday's Asia-inspired sell-off. The basis of this fixed-grin approach to investment advice is twofold; it is to say that Asia's outlook is not as bad as you think, and that, hell, Asia isn't so important to the US economy anyway. Both propositions are flawed. The Asian crisis is probably only at half-time. There is a good deal more bad news yet to emerge from the stricken continent, particularly from its two biggest economies, Japan and China. Astonishingly, the general perception of China's economy is that it is still growing robustly and that the Government's target of 8 per cent expansion this year is plausible. Even if China's GDP statistics are compiled accurately, this is a seriously misleading indicator. There are still chunks of China where peasants are being brought out of the barter economy and into the money economy for the first time. The national accounts misrepresent this monetisation of the economy as growth in production. Other, more useful, proxies for activity in China show a significant slowing. The profits of listed Chinese companies have collapsed by about 90 per cent over the past two years. "China is slowing down significantly, and anyone that's telling you otherwise probably has some entrenched interest," says the chief treasury economist for Bankers Trust in Singapore, Mr Alistair Boyd. "Red-chip stocks [major Chinese firms listed in Hong Kong] have been getting slaughtered in the last three weeks. That tells you that the international markets are not comfortable about China's prospects. "And in the kerb market for dollars in China, the premium for dollars [over the local renminbi] has been widening. That tells you that the locals aren't comfortable with China's prospects either." As for Japan, it has not yet managed to put in place the prerequisites to reverse its downward spiral of deflation. The International Monetary Fund has pointed out that in modern economic history no country has managed an economic recovery with a dysfunctional banking system. Japan's Government has not yet even drawn up its banking bills, let alone tried to negotiate their passage through the parliament. And its plans to stimulate the economy remain just that. In the absence of drastic policy action, the yen continues to weaken and exert more downward pressure on other Asian currencies. This, in turn, worsens Japan's economic and banking crisis. For example, Nomura's Mr Richard Koo estimates with every 5 fall against the US dollar, banks are forced to cut credit by another 1 per cent of GDP. And what of the view that Asia doesn't matter so much to the US? "If I told you," says the chief economist for Chase Manhattan Bank in New York, Mr John Lipsky, "that the US would fall from 3 per cent growth this year to -2 per cent next year, would you say that would affect global growth? "Of course you would. Well, it's already happened - that's the scale of what has happened in Asia." You can't lightly dismiss the puncturing of the world's major growth zone of the first seven years of the 1990s. Unless, of course, you are paving the way for greater catastrophe. afr.com.au