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

To: Rarebird who wrote (28564)	2/19/1999 10:23:00 AM
From: Gary H	Read Replies (1) \| Respond to of 116885

I'm of the strong impression that we are looking at a major down turn in the Dow (after watching the A/D line which has the largest gap since 1929)and it strikes me that this diving(driven down) gold price is for the purpose of saving the hedgers. One confirms the other in my point of view. Comments?

To: Rarebird who wrote (28564)	2/19/1999 2:26:00 PM
From: Alex	Read Replies (1) \| Respond to of 116885

U.S., Europe at odds over capping currency fluctuations Copyright © 1999 Nando Media Copyright © 1999 Associated Press By TONY CZUCZKA BONN, Germany (February 19, 1999 1:06 p.m. EST nandotimes.com) - Finance officials from the world's wealthiest nations are expected to back modest steps to head off future crises at a meeting here Saturday, leaving Germany largely isolated with a more ambitious campaign to control exchange rates. The United States staunchly opposes the proposal by Germany's left-leaning finance minister Oskar Lafontaine to limit fluctuations among the world's three main currencies, the dollar, the euro and the Japanese yen. Germany has gained support from Japan, but even its main European ally, France, has been cool to the idea. Lafontaine's spokesman muted expectations Friday for the one-day meeting of Group of Seven finance ministers and central bankers in Bonn, to which Russia is also sending envoys. "We expect to take stock of the discussion of the international financial system and how the G-7 views the crises in the world economy," the spokesman, Torsten Albig, said. Another dispute emerged over how to reflect the European Union's clout now that it has a single currency. Eleven European nations adopted the euro at the beginning of this year. Stymied by resistance from Washington and Tokyo, the European Union on Thursday scrapped plans to send its own representative to the Group of Seven meeting for the first time. But the most controversial agenda item was likely to be a proposal to stabilize exchange rates, an idea pushed to the fore in the last two years by financial collapses in Asia and Russia. Lafontaine has proposed setting trading "bands" for major currencies, which would call for central banks to buy and sell their own currency on the open market in order to limit fluctuations against other currencies. But U.S. Treasury Secretary Robert Rubin said this week that the idea of creating more stability between the U.S. dollar, the Japanese yen and the euro had "enormous" practical problems. France appeared to be somewhere in between the two positions, stopping short of calling for formal target zones. "We must adopt a veritable 'highway code' for capital flows, a code that applies to all, including hedge funds and offshore establishments," French President Jacques Chirac said Thursday during a visit to Washington. Despite "disagreements" over currency alignment proposals, Rubin said the Group of Seven - the United States, Japan, Germany, France, Britain, Italy and Canada - was committed to overhauling the global financial architecture to prevent more currency crises. At the Bonn meeting, Germany's influential central bank president Hans Tietmeyer was to present a report outlining ideas for policymakers to improve coordination in the surveillance of financial markets in order to provide earlier warning of developing crises. Participants in Bonn are expected to approve the report, which the G7 asked Tietmeyer to prepare last autumn. The main recommendation calls for setting up an international forum of 40-45 officials from governments and international financial institutions that would meet about twice a year, said officials who have seen the report. The forum would be created under the auspices of the Bank for International Settlements in Switzerland, a coordination body for the world's major central banks. nando.net