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To: long-gone who wrote (20341)	10/1/1998 9:13:00 PM
From: Mark Bartlett	Respond to of 116753

Richard, "Was invested" ... does that imply they are out now? MB

To: long-gone who wrote (20341)	10/1/1998 9:19:00 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 116753

Richard...that is hands down the funniest post I have read on SI ever. Let's see...they are financial "wizards" and don't know how gold works. ROTFLMAO and then some -ggggggggggg-

To: long-gone who wrote (20341)	10/1/1998 9:39:00 PM
From: long-gone	Respond to of 116753

I don't know, actual quote "were investing". rh

To: long-gone who wrote (20341)	10/2/1998 6:48:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116753

Richard, I think that markets are really forecasting inflation in moving Gold up down the road, not necessarily Dollar falling as a reserve currency.. Look at commodities.... CHICAGO (Reuters) - Wheat prices staged the strongest rally in months Friday after reports of frost damage to the crop in Australia, a leading export competitor of the United States. In other commodity markets, gold prices edged higher on investor jitters about the world economy. Oil prices also rose on talk that Mexico may decide to continue to cooperate with other oil producers to restrain exports. At the Chicago Board of Trade, wheat for December delivery closed 7 cents a bushel higher at $2.76. A spokeswoman for the Western Australian Farmers Federation said Friday that frost destroyed major amounts of grain in Western Australia. She said frost last weekend hurt between 500,000 and two million metric tons, mostly wheat. ''I think it did have an impact. Our weather guy said they may have lost one-half to one million tons,'' said FIMAT Futures grain analyst Dan Cekander. Wheat prices dropped to 21-year lows last month under pressure from the outlook for record world production and poor demand from top importers in Asia and elsewhere due to weak economies and currencies. Since then, a weaker dollar has helped spark a pickup in wheat demand. So any crop failures in exporters like Australia, Canada or the European Union will support prices. Rains in dry areas of the U.S. Plains improved winter wheat prospects this week, but rains have also slowed harvesting in the Midwest, supporting corn and soybean prices. December corn closed 1-3/4 cents a bushel higher at $2.06-1/2 and November soybeans 1/2 cent higher at $5.15-3/4. Farmers are well ahead of average in getting corn and soybeans out of the fields this year but have mainly been selling soybeans to raise cash. Harvest slowdowns tend to support prices on a lack of ''hedge'' sales of futures by country elevators and merchants who have bought grain and soybeans. ''We're not seeing as much hedge pressure because of the rains,'' said Mark Weidner, an oilseed analyst with Cargill Investor Services. Gold prices ended at a four-month high on investor jitters about the world economy and stock markets. But the gain was only marginal due to an end-of-week bounce in the dollar and Wall Street stocks, analysts said. Gold for December delivery at the COMEX in New York closed 70 cents higher at $302.80 an ounce. ''Gold rose early in the day after more weakness overnight in world stock markets and a further slide in the U.S. dollar, but gold came off its highs late in the day as the Dow Jones Industrial Average staged a bounce,'' said COMEX floor trader Carlos Perez-Santalla. The U.S. dollar and Wall Street stocks dipped further on Friday but rebounded by the close of trading and ahead of a key weekend meeting of the finance ministers of the Group of Seven leading industrial nations. Measures to stabilize the current shaky world economy are high on the agenda in those talks. ''Currency collapses, hedge fund failures and the threat of further declines in stock prices have raised investors' need for a true safe haven, and gold has historically been the safe haven of last resort,'' said Derek Van Eck, portfolio manager of the Van Eck Hard Assets Funds which manage more than $250 million in gold mutual funds. A late surge of buying also pushed oil prices higher at the New York Mercantile Exchange. November crude oil closed 21 cents higher at $15.64 a barrel, with November heating oil up 0.67 cent at 42.23 cents a gallon and November gasoline up 1.30 cents at 47.24 cents a gallon. Although large supplies continue to weigh on world oil prices, traders said Mexico may come under pressure to extend its agreement to reduce exports beyond the end of 1998. Mexico, a major producer outside the Organization of Petroleum Exporting Countries, hosted a meeting with OPEC exporters Saudi Arabia and Venezuela in Cancun, Mexico, Friday to discuss issues affecting the oil market. 18:38 10-02-98 10/2/98 6:39 PM

To: long-gone who wrote (20341)	10/2/1998 7:47:00 PM
From: goldsnow	Respond to of 116753

S.African golds seen at centre stage on equity woes 10:21 a.m. Oct 02, 1998 Eastern By Emelia Sithole JOHANNESBURG, Oct 2 (Reuters) - South African gold stocks look poised to take centre stage next week on the Johannesburg bourse as investors seek safe havens from equity markets suffering from gloom over global economic prospects. Traders and portfolio managers said the local market would remain at the beck and call of the world's major equity markets, most of which suffered further setbacks on Friday amid fears the world's economy was heading for a recession. ''Unfortunately we're in a very, very vital situation at the moment. World markets are looking exceptionally vulnerable,'' said Greg Potter of BOE Securities. ''Our only saviour is that the gold price is trying to look perky. Everyone is going into gold as a safe haven. South Africa is quite heavily exposed to the gold market so that's the only positive thing,'' he told Reuters. South African gold stocks glowed in brisk trade on Friday, invigorated by the price of bullion's rise above the pyschologically significant $300 an ounce level, which it last attained in May. Bullion has been gaining steadily since plumbing 19-year lows in August, energised by flailing stock markets, a weaker dollar and short-covering by hedge funds. Johannesburg's weighty all gold index soared 107.6 points or 9.18 percent to a new year peak of 1,281.4 by 1200 GMT on Friday. The world's second largest bullion producer, Gold Fields (GFLJ.J) led the way up, rising six rand or 14.46 percent to 47.50 while bellweather Anglogold (ANGJ.J) was at 358 rand, a rise of 30.60 rand. ''I think people will be looking at commodities for the next few months. More and more people are looking at golds but everything else is looking down,'' said Gustava Garcia, a portfolio manager at Irish and Co. Poor local economic data this week, scuttling hopes of an early interest rate cut to take pressure of banks' bad loan books, as well as news that global turmoil would hit earnings at several big international banks, weighed on the market. ''We still expect some weakness in equity markets because of the problems in those markets...,'' said David Shapiro, a director at Societe Generale Frankel Pollak. ''Until these problems vanish I think we're going to be subject to a lot of volatility and uncertainty, but it's going to take time for us to address these problems,'' he said. Financial stocks continued to feel the most pain on Friday, with the banks and insurance-laden index erasing 209.2 points or 2.93 percent to 6,923.7. The index has seen more than half its value lopped off since scaling a year high of 14,739.1 in mid-April, trounced by a loss of confidence in emerging markets on the back of Russia's and Asia's financial woes. Industrial stocks edged up marginally in early afternoon trade on Friday amid short-covering by traders, ticking up 15.5 points or 0.28 percent to 5,520.9, while the All Share index edged up 23.9 points or 0.49 percent to 4,950.9. ''We're going to be stuck in a range...In order to break out of that range we need a change of circumstances. We need some certainty on the outlook of world economies,'' Shapiro said. ((--Johannesburg newsroom, 27 11 482 1003, newsroom+reuters.co.za)) Copyright 1998 Reuters Limited.