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To: long-gone who wrote (25774)	1/10/1999 8:45:00 AM
From: lorne	Respond to of 116761

Asia's gold meltdown a bonanza for Australians Monday, January 11, 1999 By TOM ALLARD in Canberra Asians hit by the regional economic crisis sent $2 billion worth of gold jewellery and other items to Australia last year to be melted down, giving a boost to the local refining industry. The 100 tonnes of gold, including wedding rings, bracelets, necklaces and trinkets, came from all sections of society - from Indonesian villages to the penthouses of Seoul. The bulk of it was sent from South Korea, Indonesia and Thailand, where the currencies' freefall in mid-1997 triggered widespread unemployment and poverty. The items are flown here in secured suitcases and then refined into gold bars which are typically exported to markets in the Middle East, India and London. Some of the gold will also find its way into Australian shops after being melted and recycled as jewellery. Official statistics show that $1.75 billion of "non-monetary" gold was imported in the year to September from Asia, excluding Japan, while the previous year the figure was just $61 million. That is a 2,874 per cent increase. An additional $303 million of such gold came into Australia during October and November. Although the importation earns a good profit for refineries, their clients and the security firms that carry the gold, the refineries reject any suggestion that they are exploiting the misfortune of Asians. "I don't see how it could be seen as exploiting Asia," said Mr Greg Mcleod, general manager of one of Australia's two gold refineries, Johnson Matthey. "It's a matter of how they store their wealth. Asians use gold that way and, if they've been hoarding it as an investment, it makes sense to sell if the bottom falls out of your currency and you need US dollars." The deputy managing director of the Australian Gold Refineries joint venture, Mr David Bishop, said the big profits were earned by the Asian jewellers and traders who bought the jewellery. The re-exporting of processed gold has also bolstered Australia's trade performance, with gold exports accounting for one-third of the increase in export revenue in the year to September. smh.com.au

To: long-gone who wrote (25774)	1/10/1999 8:49:00 AM
From: John Hunt	Respond to of 116761

Re Fear And Overreaction Hi Richard, Isn't that what ALL market action is about ... fear and greed? Not sure about the pizzas ... Do the National Guard members like pizza? Actually some of the only public places that served food in badly hit small communities up here during the great ice storm were pizza parlors whose ovens ran on propane. < g > John PS - More Brazil bad news Brazil's Minas Gerais warns may not pay Eurobonds biz.yahoo.com

To: long-gone who wrote (25774)	1/10/1999 7:58:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116761

Richard, The entire Island (US territory at that time) of Hawaii was under martial law during WWII. Life went on. Besides those who would carry out the execution of martial law would reside with state-based National Guard units, who predominantly own their allegiance to the Governor, not the President. (unless Federalized). My biggest fear is that we will see a segment of American society percieve any martial law action as an attempt to assert "world government" or a police state. These elements could create serious disorder and aggravate attempts to re-establish civil order and normalcy. I won't have much patience or sympathy for the psuedo-Timothy McVeigh aspirants out there. In fact, I hope I get a chance to perforate a few of them myself. (This based upon my past experience dealing with Aryan Nation's wackos) Regards, Ron