Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Mark Bartlett who wrote (20188)	9/30/1998 10:30:00 PM
From: Ahda	Read Replies (1) \| Respond to of 116795

i love your blither makes awful good sense to me.

To: Mark Bartlett who wrote (20188)	10/1/1998 6:47:00 PM
From: goldsnow	Respond to of 116795

Dollar Down On Global Stock Selling 06:02 p.m Oct 01, 1998 Eastern By Alden Bentley NEW YORK (Reuters) - The dollar fell Thursday, hitting a 19-month low against the German mark, as U.S. stocks joined a global slump and investors increasingly sought the relative stability of Germany. The dollar fell to 1.6480 marks from 1.6695 at Wednesday's close and to 135.68 Japanese yen from 136.63. Wall Street opened to sharp sell-offs on most overseas exchanges. Germany's benchmark DAX index was a huge loser, falling 5.54 percent. The Dow Jones industrial average fell 210.09 points to 7,632.53. Money managers rushed for the safety of government bonds. German bunds rose to all-time highs as did U.S. Treasury debt, on speculation that interest rates, which move in the opposite direction of bond prices, will fall globally. The key 30-year U.S. bond rose 54/32, or $16.875, while the yield, which moves in the opposite direction of the price, fell to a record low 4.88 percent from 4.98 percent at Wednesday's close. Despite the Frankfurt stock sell-off, the German unit hit its highest level against the dollar since February 1997, buoyed by Germany's relatively healthy economy, lack of exposure to most emerging markets and expectations that the Bundesbank would be reluctant to match this week's U.S. interest rate cut. Amid international calls for the industrial economies to ease credit to avert global recession, Germany shows every sign of dragging its heels after Tuesday's quarter percentage point credit easing by the Federal Reserve. U.S. Treasury Secretary Robert Rubin told an audience in New York it was crucial that rich nations act to maintain stability and growth in their economies as a source of strength in the rest of the world. However, the Bundesbank left interest rates steady at its biweekly policy meeting and markets expect rates to remain on hold until after Europe's monetary union in January. ''I don't think that there is the prospect of much coming out that is going to make people feel a lot better about the dollar vis a vis Europe, which I feel increasingly ... is viewed, at least for the moment, as the safe haven. The mark also hit a 15-month high against the pound on speculation that Britain would soon lower interest rates. It rose to a seven-week high against the Japanese yen, lubricated by mounting economic gloom in Japan. Tokyo's Nikkei 225 index fell 1.56 percent. Elsewhere, the pound rose to $1.7055 from $1.7000. The dollar fell to 1.3587 Swiss francs from 1.3793 and rose to Canadian $1.5497 from C$1.5315. Copyright 1998 Reuters Limited.

To: Mark Bartlett who wrote (20188)	10/2/1998 8:12:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116795

Overseas Stock Losses Weaken Dollar 06:13 p.m Oct 02, 1998 Eastern By Alden Bentley NEW YORK (Reuters) - The dollar tracked global stocks lower again Friday but cut its losses when U.S. shares rebounded and hopes grew that leaders of the big economies would take bold steps to quell international market turmoil. The dollar extended its four-day slide against the German mark, hitting a 20-month low overnight. Selling in major overseas financial centers engulfed Wall Street early in the day, pushing the Dow Jones index down 102 points following Thursday's 210-point tumble. But with important international financial talks to start in Washington over the weekend, the Dow staged an abrupt turnaround, closing up 152.16 points at 7,784.69 and promoting dollar profit-taking after a week of heavy short selling. Germany's benchmark DAX index plunged 6.25 percent and London's FTSE 100 index lost 3.22 percent. Japan's Nikkei 225 dropped below the 13,000 mark for the first time since January 1986 but eked out a small 0.2 percent gain. ''The Dow Jones was negative and now it's positive so people who usually trade off of stocks have to cover their shorts,'' said Jeffrey Yu, a senior dealer at Sanwa Bank Ltd. The dollar ended at 1.6460 marks, off from 1.6480 at Thursday's close but nearly 2 pfennigs above its overnight low. It stood at 135.43 yen, compared with Thursday's 135.68 and a bottom near 133 overnight. President Clinton Friday proposed a new initiative to provide emergency funding for countries affected by global financial turmoil. Clinton said the United States will work with other top industrial nations and the International Monetary Fund, which is holding its annual meeting in Washington next week, to forge a ''new mechanism'' to provide fresh money for battered nations. U.S. Treasury Secretary Robert Rubin told a news conference that Saturday's finance talks by the Group of Seven rich powers will focus largely on the emerging markets crisis and the need for Japan to boost its economy. Investors saw European currencies as the safest haven from emerging market turmoil. The mark surged, ignoring German stock losses, because Germany's central bank is balking at lowering interest rates despite international calls for coordinated easing to avert worldwide recession. But the mark rally was in part curtailed by comments from Social Democratic Party Chairman Oskar Lafontaine, expected to become Germany's next finance minister. Lafontaine stepped up pressure on the Bundesbank, saying it had room to cut interest rates. The Federal Reserve this week reduced a key interest rate target by a quarter percentage point. But Germany is expected to leave its rates on hold in the approach to European monetary union in January, making dollar-denominated deposits lose attractiveness to investors, relative to German deposits. In other trading, the pound fell to $1.7000 from $1.7055. The dollar fell to 1.3565 Swiss francs from 1.3587 and to Canadian $1.5450 from C$1.5497. Copyright 1998 Reuters Limited.