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To: Zardoz who wrote (22812)	11/11/1998 6:00:00 AM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116786

more signs of protectism? biz.yahoo.com canoe.ca Think this article about foreign investment is ultra important. Does it suggest that in last few years another covert war has been going on to replace the cold war? Have huge governments' policies given multinationals the ability to increase their holdings cheaply at the expense of the weaker countries? I just can't believe that the smaller countries haven't legislated more laws to keep a lot of these revenues at home rather than letting most go to shareholders of the multinationals. Hasn't history shown that the foreign investment has left the average citizen of these weaker countries less well off than before? or am I way offbase. The article also strongly suggests that the free market would work without the shenigans of central bankers who IMHO created the monster hedge bets

To: Zardoz who wrote (22812)	11/11/1998 10:49:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116786

Hutch - not sure what you mean by 'putting gold back in the ground'? You also seem to be saying that a weak currency acts as a sort of tarrif - at the same time as making a country like Canada a perpetual hewer of wood and carrier of water. The gold sales seem to be symbolic of the same mentality - a signal to the world that the country is not serious about defending its currency - I don't think this was the signal that was meant originally - but in retrospect it lumps us with Australia and Argentina - you keep seeing references to Canada as a 'weak country', having a weak currency. We've made it easy for certain exporters, so we have a subsidy there too (well easier because the Asian crisis was an unforseen hammer blow). In a sense we're one of the countries engaged in this round of comperetive devaluations - our NAFTA partner to the south cannot be entirely amused - a tarrif without a tarrif, so to speak? E

To: Zardoz who wrote (22812)	11/11/1998 1:14:00 PM
From: Alex	Respond to of 116786

Gold steady in Europe on ECB reserve report LONDON, Nov 11 (Reuters) - Gold held steady above $293.00 an ounce in early European trade, buoyed by a slightly weaker dollar and a newspaper report that the European Central Bank (ECB) might raise its gold reserves, dealers said on Wednesday. Gold was last quoted at $293.40/$293.90 a troy ounce, compared to Tuesday's close in New York at $293.20/$293.70. Bullion benefited from short-covering by funds in New York on fresh concern over Iraq after reports that the U.S. was considering military action after Baghdad refused to allow U.N. inspectors to conduct inspections. Dealers in London said gold was boosted by a report in the Wall Street Journal on Wednesday which said the European Central Bank planned to increase its gold and foreign exchange reserves next year by between 130 billion and 180 billion Ecus. The report said the increase would come from the national central banks and will be in addition to the 39.46 billion Ecus, the banks were due to hand over to the ECB at the start of European Monetary Union next year. The ECB's reserves would be 15 percent gold and the rest in foreign currencies but dealers said the Wall Street Journal report sent out mixed signals in saying a lower percentage of gold might be required when it demanded the additional reserves from the national central banks sometime next year. ''The article was a little bit bullish for gold but it is pretty much marginal stuff. If you do the maths, it is only a couple of million ounces of gold,'' one dealer said. Dealers said gold remained range-bound although the slightly weaker dollar failed to move gold much. The dollar was last at around 121.80 yen. ''Gold didn't come off at all which could indicate some underlying strength,'' another dealer said. Other dealers said gold might remain firm and head higher over the next couple of days before Friday's expiry of COMEX options, where most open interest was around the $300.00 level. Silver hovered around the $5.00 level and dealers said they expected the metal to remain at that level for some time. It was last quoted at $4.98/$5.00 from the New York close at $5.00/$5.02. Platinum and palladium remained quiet. Platinum was last quoted at $337.00/$339.00. 50 cents down on Tuesday's New York close. Palladium was a $1 softer at $269.99/$274.00. Traders said the platinum-group-metals (PGMs) hardly reacted to news from Russia that that Russian 1999 palladium exports were expected to be close to 100 tonnes and those of platinum around 20 tonnes. The market was also weighed down by concerns that Russia would sell heavily on the spot market -- as it did in December last year -- before official export quotas expire at end-year.