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To: C Hudson who wrote (21373)	10/10/1998 1:00:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116753

CH, Rothschilds are in no hurry, many properties would end-up in their hands ..They do not need unlike some Gvn quick cash...:) They may end-up with some Gvn gold as well, happened before...they did notget poorer on transactions...

To: C Hudson who wrote (21373)	10/10/1998 9:29:00 PM
From: goldsnow	Read Replies (3) \| Respond to of 116753

As for manipu;lation could be a good thing...I would be surprised and disappointed if Gold would not follow this example...It has too if manipulation is in place... Japan Big Bang investments hurt by dollar fall 05:09 a.m. Oct 09, 1998 Eastern By Chikafumi Hodo TOKYO, Oct 9 (Reuters) - Japanese who invested abroad seeking higher yields, spurred by ''Big Bang'' financial deregulation, have had their portfolios hit hard by the dramatic decline of the dollar. The dollar's 18 percent collapse this week has not only dealt a body blow to investment values but has also forced many Japanese investors to unwind their mounting positions or increase hedge sales, market sources said. Dealers said special options-related selling operations, which had originated from foreign exchange deposits and bond purchases by retail investors, may have helped spur the dollar's sharp fall. ''I'm sure special option-linked sales stemming from private investors were one of the factors that have deepened the dollar's wounds,'' said Noriyuki Mizukami, head of Treasury sales at National Westminster Bank. Mizukami said factors like hedge funds' unwinding of yen carry positions and hedge sales by Japanese investors were also factors in the dollar's decline. Yield-hungry Japanese retail investors have flocked into foreign instruments particularly since the April 1 launch of the Big Bang. Many investors have moved into foreign deposits and dual-currency bonds with options terms, which enable investors to receive high interest rate at maturity, but only if the level of the dollar stays above levels agreed at the time of opening an account or a launch. Investors can face heavy losses if the exchange rate breaks below that level. Underwriting sources said a total of about 440 billion yen ($3.72 billion) worth of such bonds were launched between May and October, with almost all having taken heavy losses after breaking through options levels set between 117 and 123 yen. The yen was at 117.40 to the dollar late on Friday, recovering from a low of 111.45 set overseas. Many of such options-linked bonds or so-called ''knock-in'' options were set up when the dollar was moving in a range of 130-140 yen. Domestic and foreign banks do not disclose details of customers' foreign deposits with options attached, but many dealers estimated the amount was ''extremely large.'' A plunge in the dollar has forced Japanese investors to hedge their heavy positions in the dollar and European currencies as many of them have been unhedged, dealers said. Institutional investors have been building up their foreign currency positions in recent months in the belief that the dollar's fundamentals were invincible. According to Japanese Finance Ministry data released on Friday, net purchases of foreign bonds by Japanese investors, based on contracts, totalled 1.2805 trillion yen in September after net purchases of 911.3 billion yen a month earlier. Standing out were net purchases by life insurers of foreign bonds amounting to 622.4 billion yen and foreign stocks worth 203.8 billion yen. ((Tokyo Treasury Desk +81-3 3432 8785 tokyo.newsroom+reuters.com)) Copyright 1998 Reuters Limited.