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To: John Carragher who wrote (64016)	9/5/1998 1:56:00 PM
From: Paul Engel	Respond to of 186894

John - Re: "Metz may even come back from retirement. Although he's still working he did say he was going to stop the predictions. ha " ABout a year ago or so, just before Metz through in the towel, he was touting GOLD stocks as the defensive investment for the potential "CrasH that he has been predictiong for the last 8 or 9 years. At the time, Gold was around $320/ounce. Gold subsequently has slipped to the $280 +/- range, - officially disgracing Metz as the Buffoon of Wall Street. Paul {=========================} Hong Kong meltdown sends global markets reeling NEW YORK (DBC) -- U.S. shares were rocked Thursday afternoon, taking their cue from a meltdown in Hong Kong shares and its resultant effect on global financial markets. The selling in U.S. stocks was exceptionally broad-based, with losers trouncing winners by a 5-to-1 margin. Volume on the floor of the New York Stock Exchange was extremely heavy. Overseas, Hong Kong's Hang Seng index freefell more than 10 percent after tanking as much as 15 percent intraday. The average has staggered nearly 25 percent in the last several days amid currency and interest rate turmoil. For full story. Meanwhile, Japan's 225-stock Nikkei index dove 3.0 percent and London's FTSE 100 index crumbled 3.6 percent. At 12:06 p.m. ET, the Dow Jones Industrial Average plummeted 144.15 points, or 1.8 percent, to 7890.06. The index tumbled as much as 180 points by 10:07 a.m. ET. Weakest sector of the U.S. market was that of technology, benchmark computer-related and semiconductor issues in particular. Otherwise, some strength was seen in scattered consumer noncyclical names in addition to the gold-mining group. "If I held a stock index, I would be selling," said Michael Metz, chief investment strategist at Oppenheimer & Co. "I think [blue-chip] indexes have seen their high into 1998. What's going on is very bullish for gold, so I'd certainly buy Newmont Mining or Homestake Mining. I would lighten up on the technology sector as I think this is not good news for these stocks and I'd lighten up on the banks because I feel this may have repercussions for them." Paul