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Gold/Mining/Energy : KITCO - Gold discussion -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (123)	9/24/1998 5:36:00 PM
From: Robert Dirks	Read Replies (2) \| Respond to of 989

Wall St tumbles on fears of global turmoil fallout "$3.75B LTCM bailout and the FED is involved !!! " By Huw Jones NEW YORK, Sept 24 (Reuters) - U.S. stocks tumbled Thursday after the New York Fed and banks stepped in to bail out a hedge fund, sending a chill down Wall Street, and leaving investors to wonder who will be the next victim of global turmoil. ''That was a wake-up call, unfortunately,'' said Arthur Hogan, chief market analyst at Jefferies & Co. ''It took some of the euphoria of monetary policy easing in the near term out of the market.'' The Dow Jones Industrial Average ended unofficially off 152.42 points, or 1.87 percent, at 8001.99. The rout erased much of Wednesday's 257 point gain in the Dow when Federal Reserve chief Alan Greenspan stoked hopes that interest rates might be cut soon, perhaps as early as the next Federal Open Market Committee meeting on September 29. Hogan said investors were also a little unnerved by news that the House of Representatives Judiciary Committee will vote on Oct. 5 or 6 on whether to launch a formal impeachment inquiry into the charges against President Bill Clinton that were listed in independent counsel Kenneth Starr's report. On the New York Stock Exchange, declining issues led advances by 2-to-1 on brisk volume of 804 million shares. The Nasdaq shed 39.93 points to close at 1720.34. The Standard & Poor's 500 stock index fell 23.37 points to end at 1042.72. Despite strong overnight gains in Asian and European stocks following Wall Street's rally on Wednesday, U.S. stocks fell early on profit-taking, the slide gathering pace as investors digested details of the multi-billion dollar bail out of hedge fund Long-Term Capital Management LP. Fifteen U.S. and foreign banks are taking an equity stake in LTCM, committing $3.75 billion over three years. The New York Federal Reserve also played a role in the rescue.

To: sea_urchin who wrote (123)	9/24/1998 6:40:00 PM
From: kitkat	Read Replies (1) \| Respond to of 989

Searle: We are in the "turn on a dime" paradigm. I've seen this kind of action many times before and PMs always came out on the SHORT side. Why? Because the powers that be can print and move the big paper. Geez, if you had a printing press in your basement would you be worried? No indeedy, not until the guys you were given your money to caught on to your scam. In this case, the people haven't clued in yet. When they do realize that their paper is worthless, then things will happen. It won't be pleasant and we won't be chatting about it on the Internet.

To: sea_urchin who wrote (123)	9/24/1998 7:53:00 PM
From: .Trev	Read Replies (1) \| Respond to of 989

B to A " I've been feeling it for some time already" I was just afraid to believe it was really happening. LTC really does it for me. It seems the Fed is now getting itself in the same position as the Japanese govm't The banks can't hack it alone in either place and it seems like Divine intervention may be the next step. $3 to $4 billion ain't going to do it from what I hear I just heard to-day that my favorite little Gold company is getting a loan from a SAf bank for it's next stage. Didn't know you had banks too. Does De Beers/Anglo own them as well? We seem to be importing a lot of S. African mining and other types in Canada. Someday when things cool down a bit I'll throw some names at you privately to see if you can give me the inside scoop on how reputable or otherwise they are. Nice talking to a lively mind Regards Trev