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To: Enigma who wrote (22311)	10/26/1998 8:57:00 PM
From: goldsnow	Respond to of 116753

E. agree that they are not former socialists of cold era...But ..my point is that their constituency would demand different and hopes for strong Euro may be just that..hopes....

To: Enigma who wrote (22311)	10/26/1998 9:10:00 PM
From: goldsnow	Respond to of 116753

Strong Euro and Strong Dollar are inconceivable..Through in Strong Yen (World-Wide Recovery)...and what we got? Dollar Surges Against Mark On European Rate Cut Hopes 05:10 p.m Oct 26, 1998 Eastern By Svea Herbst-Bayliss NEW YORK (Reuters) - The dollar jumped against the German mark Monday as financial markets set their sights on lower European interest rates after Italy surprised dealers with a large discount rate cut. The dollar also climbed against the Japanese yen as dealers expressed ongoing concern over whether Japan will be able to pull itself out of recession. Hours after European Union leaders, at a weekend summit, called for deeper interest rate cuts to stimulate growth, the Bank of Italy delivered a full percentage point cut in its discount rate, moving the rate to 4 percent, its lowest since 1972. For traders, the move fanned new hope that Germany's central bank, the Bundesbank, could agree to trim its 3.30 percent short-term interest rate even as two of the bank's council members dismissed calls for an easing. Juergen Stark, the Bundesbank's recently appointed vice-president, warned that calls for looser fiscal or monetary policy ''are neither helpful nor appropriate'' in reducing Germany's four million unemployed. ''(Italy's rate cut) probably signals a heightened rally of the dollar against the European currencies and also intensifies rate cut expectations in Great Britain,'' said Mike Malpede, senior currency analyst at Refco Group Ltd. Hitting its highest level since Sept. 30, the dollar added 2-1/2 pfennigs to stand at 1.6625 marks in late afternoon trading, after closing at 1.6375 Friday. Against the yen, the dollar inched to 119.25 yen, nearly a full yen above Friday's 118.20 yen close. The British pound tumbled to $1.6638 from $1.6887 amid new speculation the Bank of England may ease its rates. The dollar had lost ground against the mark since the Federal Reserve twice trimmed interest rates in the last five weeks to insulate the U.S. economy from a deepening global economic crisis. With the interest rate differential possibly narrowing again, dealers said the dollar could touch 1.70 marks soon. Lower interest rates generally decrease the value of a nation's currency. The dollar shot higher in thin, late afternoon trading, moved by only a few big orders as many dealers, still bruised from the past weeks' extreme volatility, preferred to sit on the sidelines. Comments from a senior Bank of Japan official saying it would be difficult to say when Japan's economy may recover, hurt the yen. In other trading, the dollar climbed to 1.3615 Swiss francs from 1.3390 but slipped against the Canadian dollar to C$1.5417 from C$1.5432. Copyright 1998 Reuters Limited

To: Enigma who wrote (22311)	10/27/1998 3:29:00 AM
From: Alex	Respond to of 116753

Gold Accumulation Plan launched Our Mumbai Bureau ------------------------------------------------------------------------ 26 OCTOBER SBI has introduced a Gold Accumulation Plan which aims at raising funds for individuals to buy gold and at the same time procure funds through the pledging of gold. Stating this at a press meet here on Monday, SBI chairman MS Verma said that the simple scheme will enable an individual to buy small quantities of gold on a regular basis. For instance, an individual can deposit Rs 200 and the amount of gold that can be bought by the amount will be credited to his/her account. Over a period of time, the person could add to the deposit and slowly raise the quantity of gold in his or her account. "This way, a small amount of gold can be bought by those who cannot enjoy this facility directly from gold dealers," Mr Verma said. Moreover, someone with a large quantity of gold could also put this into his or her account and avail of funds against this as collaterals. "What we are aiming at is monetising the gold," Mr Verma said. The bank will make money through hedging of the commodity. The demand for gold continues to be high in India despite a slump in prices over the last few years. It is estimated that around $2bn in gold is imported every year to meet the needs of Indians, who view this metal as a safe commodity. economictimes.com