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To: goldsnow who wrote (29646)	3/9/1999 5:57:00 PM
From: goldsnow	Respond to of 116764

Dollar/yen ends U.S. lower on hints BoJ easing over NEW YORK, March 9 (Reuters) - The dollar fell against the yen after a Bank of Japan official hinted Japan's interest rates will not stay at present low levels, a suggestion investors took as a cue to bid up Tokyo's currency. Investors cheered when Bank of Japan (BOJ) Governor Masaru Hayami said the bank's recent easings have had a stabilizing effect on Japan's financial markets and rates will eventually pick up. ''I want the public to be patient for a while, because I think we can expect a rise in interest rates (over time),'' Hayami said. As Japan faces ongoing financial turmoil, many market players had expected the Bank of Japan to continue the spate of rate cuts that brought Japan's key interest rate effectively to zero last week. Dollar/yen finished U.S. trading at 121.03/08, down from the 121.72/82 open. Meanwhile, the euro ended slightly higher at $1.0885/88 from the $1.0878/87 open. Extremely thin trading in the euro left Europe's new currency nearly unchanged against the dollar, with a dearth of significant new information to prompt either aggressive buying or selling, dealers said. Overnight, dealers taking profits on the euro's lengthy slide against the dollar pushed the euro through $1.09. But investors selling the euro to buy yen, along with lingering concerns over Europe's economic situation and the European Central Bank's reluctance to lower interest rates there, helped cap the currency's rise, traders said. ''The prospects for a lower euro are still prevalent,'' said John McCarthy, senior vice president at ING Barings Capital Markets. But market players remain wary of pushing the euro too low amid rumors the ECB will intervene if it falls below $1.05. Although the euro has remained well above that level so far this week, ''it's going to have limited upside as long as we're worried about that,'' said Lisa Finstrom, senior currency analyst at Solomon Smith Barney. The euro also lost ground against sterling, as the British pound got a slight boost from a the government announcement of tax cuts and more positive forecasts for U.K. gross domestic product in coming years. Despite dollar/yen's sharp drop, dealers said it was stuck in neutral, propped by uncertainty over Japan's economic future and pressured by the BoJ's efforts to stabilize asset prices. Dealers said Hayami's statement propped the yen by putting a damper on market expectation of more BOJ easing this week. ''There are questions that maybe the market had gotten a bit ahead of itself in its assumption there would be another set of easings on Friday,'' said Lisa Finstrom, senior currency analyst at Solomon Smith Barney. ''So you have a had a little yen buying on the back of that,'' she added. But talk that China could devalue its currency, the yuan, also surfaced again on Tuesday, helping to marginally cap the yen's rise, dealers said. (Note: this article is ''in progress''; there will likely be an update soon.) biz.yahoo.com

To: goldsnow who wrote (29646)	3/9/1999 6:05:00 PM
From: Gary H	Read Replies (1) \| Respond to of 116764

In the following quote from Greenspan, can anyone tell me who the "statists'triades" (group of three) might be? This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the ‘hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan (1966)