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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (39778)	5/9/1999 10:11:00 AM
From: IceShark	Respond to of 86076

Yea, Luc has really been outdoing himself this weekend. he has never heard of the saying that when you find yourself in a deep hole, throw down that shovel and quit digging. -g- Wonder when this Kosovo mess is going to end and drive the market to 15k? Considering what has happened lately the NATO cohesion has got to be getting mighty shaky.

To: MythMan who wrote (39778)	5/9/1999 11:04:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 86076

Buy signal... note the last line: ''The market is so jumpy at the moment that the effect of any negative announcement is magnified. Friday's news is the sort of stuff the bears and short sellers just love.'' when everyone is bearish except a bong smoker in Austin... the bottom is in. I even heard one clown say the reason the British were selling was so they could ge to tmarket FIRST before everyone dumped their gold (can we say... those of lesser mental function perceive this as a panic to get out of gold!) ROFLMAO!!!! Gold shares should rally tomorrow or tues at the latest starting w/ ASA. (Thurs at ABSOLUTE latest which by then the bond should be in an outright crash if it hasn't already...) Sunday May 9, 8:57 pm Eastern Time Australian golds slide as bullion loses shine SYDNEY, May 10 (Reuters) - Gold shares slid sharply on Monday, their recent shine dulled by Friday's shock news of the British Treasury's plan to sell more than half its gold reserves. The Australian gold index headed 140.8 points or about 12 percent lower to 1,031.7, compared to a broader market gain of about 0.3 percent. This represented a loss of most of the more than 16 percent gain in the previous two trading sessions. Sector heavyweight Normandy Mining Ltd -- which accounts for more than 30 percent of the gold index -- slumped 21 cents or nearly 14 percent to A$1.30, while second ranked Lihir Gold Ltd , making up 18 percent of the index, shed 26 cents or more than 15 percent to A$1.41. The British Treasury said on Friday it intended to sell 125 tonnes of gold in fiscal 1999/2000 as part of a restructuring of the country's reserve holdings with five auctions of 25 tonnes each. It also said it would reduce Britain's gold holdings over the medium term to 300 tonnes from a current level of 715 tonnes. The Treasury said the gold holdings would be replaced by foreign currency assets, split roughly 40 percent in U.S. dollars, 40 percent in euros, and 20 percent in yen. The Treasury said Britain's gross reserves totalled $37 billion at market prices but its foreign currency liabilities amounted to $22 billion. The $6.5 billion held in gold therefore makes up around half of the unhedged, or net, reserves. Elsewhere in the hard hit group, Acacia Resources Ltd dived 32 cents or over 13 percent to A$2.08, while Delta Gold N.L. lost 37 cents or 13 percent to A$2.48. Newcrest Mining Ltd fell 51 cents or about 12.9 percent to A$3.48, while Sons of Gwalia Ltd , down 28 cents or over six percent at A$4.35 was one of the best performed, albeit in very thin trade. ''The golds have had a shocker this morning,'' said a gold analyst at a Sydney-based brokerage house, noting that a nervous bullion market amplified any news impact. ''The market is so jumpy at the moment that the effect of any negative announcement is magnified. Friday's news is the sort of stuff the bears and short sellers just love.'' By 10:45 a.m. (0045 GMT), the gold index remained down over 12 percent, while bullion in Asian trade was quoted at US$282.00/282.50 an ounce compared to US$282.20/282.70 in late offshore trade on Friday.