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To: Alex who wrote (29210)	2/28/1999 11:42:00 PM
From: PaulM	Read Replies (3) \| Respond to of 116857

It seems central bank gold is no longer enough. The following quote from the article posted earlier gives a good indication of what will happen to those gold deposits. "The central bank's decision comes coincidentally with the arrival of Yashwant Sinha as the country's finance minister. During his earlier stint as finance minister of the Chandra Shekhar government in 1991, Sinha had mortgaged the country's reserves of confiscated gold to a Swiss bank to prevent a default on the external account." financialexpress.com A promise to pay gold is the same as gold. Right?

To: Alex who wrote (29210)	3/1/1999 4:23:00 AM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116857

scheme is a very interesting choice of word

To: Alex who wrote (29210)	3/2/1999 8:18:00 PM
From: goldsnow	Respond to of 116857

Dollar Rises vs Yen on Concern Japan's Recession May Worsen; Europ Slips Dollar Rises vs Yen on Concern Japan's Recession May Worsen Tokyo, March 3 (Bloomberg) -- The dollar rose against the yen for a third day, on concern Japan's recession may be worsening to the extent of forcing the Bank of Japan to further ease its monetary policy, traders said. U.S. Deputy Treasury Secretary Lawrence Summers suggested yesterday that Japan should expand money supply to turn the economy around and avoid deflation. More yen supply by Japan's central bank typically reduces the currency's value, helping Japanese exporters while making imports more expensive. ''Many people want to buy dollars because of speculation Japan may further ease its monetary policy,'' said Ryuichi Takami, a foreign exchange manager at Sanwa Bank Ltd. The dollar was quoted at 120.95 yen, up from 120.10 yen in late New York trading yesterday. The euro was quoted at $1.0916, down from $1.0942 in New York. The U.S. currency's recent gains started after Japan said yesterday its unemployment rate in January remained at a postwar record high of 4.4 percent for a third month, fueling concern Japan's economy won't get out of the worst recession in more than 50 years. The economy is forecast by the government to shrink 2.2 percent in the year ending March 31. To help stimulate recovery, Japan last year unveiled a record 24 trillion yen in economy- boosting packages. The Bank of Japan on Feb. 12 lowered the target overnight loan rate between banks to a record low 0.15 percent from 0.25 percent. Summers' Remarks U.S. Treasury's Summers yesterday said Japan should do more, such as expanding money supply, to boost growth and avoid deflation. Japan's ''boost to the economy should also be accommodated by monetary policy,'' Summers said. Still, he said that a weak yen must not ''become a substitute for policy,'' adding that Japan should ''think creatively about the best use of all the tools of fiscal and monetary policy.'' ''What Summers meant was that the U.S. could tolerate a weaker yen as a consequence of Japan's monetary easing but that Japan must not deliberately guide the yen lower for an export-led recovery,'' said Mikiyasu Yuasa, a foreign exchange manager at Bank of Tokyo-Mitsubishi Ltd. In other trading, the dollar was quoted at 1.4570 Swiss francs, up from 1.4550 Swiss francs in late New York trading Friday. The British pound was quoted at $1.6157, up from $1.6165 in New York. ©1999 Bloomberg, LP. All rights reserved. Terms of Service and Trademarks.

To: Alex who wrote (29210)	3/2/1999 8:20:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116857

Alex, I say Japan pushes Yen down to 130 , China will devalue this time around...

To: Alex who wrote (29210)	3/7/1999 6:32:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116857

Saudis, Iran Discuss Oil Prices Sunday, 7 March 1999 R I Y A D H , S A U D I A R A B I A (AP) SAUDI ARABIAN and Iranian oil ministers said Sunday that in order to raise prices, the market's surplus must be eliminated, the official Saudi Press Agency reported. In their talks in Riyadh, Ali Naimi of Saudi Arabia and Bijan Namdar Zanganeh of Iran agreed there is "a surplus in supply of oil, and it is necessary to get rid of this surplus in order for oil prices to improve," the agency said. The discussions came about two weeks before the Organization of the Petroleum Exporting Countries is due to hold a ministerial meeting on oil prices, which have plummeted to their lowest level in 20 years, hovering near $11 a barrel for the past several months. "The two sides also agreed on the need to continue discussions between themselves, and among OPEC members and non-members, to take a united and positive decision during the next OPEC meeting on March 23," the agency reported. Saudi Foreign Minister Prince Saud al-Faisal said Wednesday that his country and Iran were determined to curb the collapse of oil prices on international markets. Saudi Arabia has a daily production quota of 8 million barrels, while Iran, the second-largest OPEC producer, has a quota of 3.3 million barrels. Other OPEC members include Algeria, Indonesia, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela.