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

To: Alex who wrote (26026)	1/12/1999 10:41:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116897

Alex, What do you make of today's action on the XAU?? I think that Gold was moving up based upon fears that the dollar would plunge. But then the Bank of Japan couldn't stand the pain anymore and dumped yen for dollars. This is killing the prospects of any quick Japanese turnaround. They HAVE TO HAVE a depressed yen relative to the dollar in order to export their way out of depression. Amazingly, the dollar hasn't alter it position more than a couple of percent relative to the Euro or Pound. Money is apparently being spirited back to Japan in an attempt to preserve wealth and avoid risk (according to the WSJ). One more problem Japan has to deal with. I think we saw a classic example of how CB's will take whatever actions necessary to defend their currency, either to the upside or downside. There isn't enough chaos in the world yet to propel Gold through the $300 mark. Maybe Brazil will be the spark for the Big Kahuna. But somehow I think they will pull something out of their hat that will make it all "better"... for now.... :0) Regards, Ron