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

To: Enigma who wrote (22231)	10/24/1998 8:48:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116753

E.it does not matter if Barrick takes out some mine in Australia and closes its own, less gold is coming on the market..

To: Enigma who wrote (22231)	10/24/1998 9:40:00 PM
From: goldsnow	Respond to of 116753

Euro seen sturdy after initial wobbles - traders 11:12 a.m. Oct 24, 1998 Eastern MAASTRICHT, Netherlands, Oct 24 (Reuters) - The single european currency may wobble in the first few months after its launch but the euro will soon find its feet, traders at the Benelux forex conference said on Saturday. ''It will be volatile at the start, but once the European Central Bank proves its determination and sets it policy, I expect that volatility to almost disappear,'' one trader from KBC Bank in Brussels. While the new president of Forex Belgium, Kris Claes-Werts told Reuters that dealers would try to test the new currency, those present at the conference in Maastricht had their doubts. ''The euro is too huge. We're not talking about the Russian rouble or the Italian lira or even the British pound -- We won't be able to test it,'' the KBC trader said. Most delegates said they expected the European repo rate to kick off at 3.30 percent, the rate in Germany now, but saw the ECB shaving that by 30 basis points within six months. ''The rate will likely go lower because of the international deterioration in the economy. People and institutions are much more risk-averse,'' another trader from a Belgian bank said. But while economic theory would dictate that lower European rates would result in a softer currency, lower rates in the United States would help shore up the euro. ''We will see some easing in Europe, but not until after the Fed has cut again. That will affect the dollar more than ECB cuts will affect the euro,'' said a swaps and options trader from Belgium's Generale Bank. The euro will operate in the 11 member states from January 1 next year, but delegates said it would extend its reach way outside the so-called euro zone. ''Although they are not in the single currency union, Switzerland, Britain and others will actively trade euros,'' one senior banker from Luxembourg said. In terms of world currency reserves, it would rival the dollar within two years, he said, adding the EU's economic power would become as great, if not greater, than that of the United States. ((Amsterdam newsroom, +31 20 504 5000, Fax +31 20 504 5040, amsterdam.newsroom+reuters.com)) Copyright 1998 Reuters Limited. All rights reserved. Copyright © 1994-98 Infoseek Corporation. All rights reserved. Disclaimer Privacy Policy Local information: