June option expiry. Hangin with hope but prefer profit.

Global financial catastrophe

possible, says IMF chief

International Monetary Fund ( IMF ) managing

director Michel Camdessus said today that a global

financial catastrophe could be on the cards if world

credit dries up and that the IMF was considering

improving access to money for countries in

difficulty.

Speaking to France's Europe 1 radio station, the

IMF chief said such a catastrophe isn't excluded

but can be avoided.

Nevertheless, Camdessus said IMF forecasts of

growth next year of slightly above two percent

for the world and 2.5 per cent for Europe were

being maintained.

But, he added, the recent Federal Reserve-led

rescue of the US hedge fund Long Term Capital

Management had been an extremely hard blow for

financial institutions.

This case creates a risk of diminished private

financing in all the emerging countries, including

Brazil, he said.

If credit is interrupted until the beginning of next

year, something will have to be done to find

public capital, he said.

He added: We're in a liquidity crisis and the hopes

of seeing a 1999 better than 1998 are crumbling,

unless the international community gives itself the

means to step in in place of the banks.

The IMF's current resources allow it in times of

crisis to put forward around $US110 billion ( $A172.9

billion ) , he said. To respond to the demands, it

would be necessary to probably at least double

that sum.

Two options presented themselves, he said: either

a dependency on national budgets and thus the

taxpayers, or the IMF's reserve fund, the Special

Drawing Rights, put up by industrialised nations.

Camdessus added the IMF was presently looking at

a new issue of Special Drawing Rights ( SDR ) to

head off the global credit crisis.

Camdessus said under the idea, the industrialised

countries would put surplus central bank reserves

at the Fund's disposal so it could lend them to

countries in difficulty.

Recourse to the SDR could be topped up with

central bank reserves, Camdessus suggested, then

lent out to countries in dire need which would in

return promise to get their economies in shape.

The IMF's board was likely to make a decision on

the idea in the coming month, Camdessus said.

AFP

It has been my understanding that the front month ( futures ) has NO limit in the gold market. Which is true with many commodities, no?

.....oh well........not likely to happen any time soon.............it'll happen the same time the Padres win a World Series.......................... ( damn padres ) ..........

go golf ( ing ) ........

away...back to the tube

Éßhohum.....another run

savage - how 'bout that OJ run...........missed it...............more oh well........

Her reply ( HONEST! ) , Dumbest damn thing I ever heard of. I must admit my jaw dropped a bit. I said why would you think that? She said ( HONEST! ) Why what GOOD would they be? while she was cracking a roll of fake silver quarters into the till. I bid the quintessential middle America sales clerk good night and went home to ponder who was more brain washed, she or I! My final decision was to pour a stiff one from Jacobs Well, then I tied a ribbon around that bottle of fine double barrel bourbon. My next tipple from it will be when gold clears $318 an ounce.

One should only drink in celebration.

Great Idea. Is it possible that the politboro can pull this off? Interesting that the country that has lost the most, has almost nothing to lose, could be the one country to put us back on a real monetary standard.

Thanks in advance

I don't see gold much higher plus or minus 10% for a long time.

I want to say Bull, when someone on CNBC announces that gold rose to 400 in overnite trading.I will only use the Bull word in disbelief.

God................I hate politics.Do you?

This was the worst example of a gold investment I have seen since BRE-X, but they were very believable at first, with a video of their mine, investors touring their mine well ppublicized on the Net, and a very good PR. All of which would have been OK if they had found more than a few hundred ounces of gold!

This was also MY first experience with what now appears to be a scam, and thank goodness I have some charting discipline or I would have had my head handed to me on a golden platter, rather than just a haircut. Nevertheless, looking back, I believe it will be a very valuable experience for me if I utilize what I learned there. For some reason, I seem to have developed a rather keen instinct for when the boom is about to be lowered ( grin ) , I even escaped my OEX puts hours before Big AL spread the manna from CB heaven ( VBgrin ) .

Bottom line, be CAREFUL with Juniors. Shoot, be careful with ANYTHING right now.

Mozel - we will keep the moon debate going on in your absence...........maybe.

Baseball - I hope the umpiring is better tonight. The Yankee grand slam should have NEVER ocurred last night. The pitch before was STRIKE THREE! It was pretty obvious from my seat............... ( on the couch ) ................. ( sipping Anchor Steam ) ............. ( eatin' pretzels ) ........... ( smokin' fine Dominican's, etc. ) ....................................oh well. That is the human side of the greatest game on Earth. Go Padres!! Go golf...

nteotwawki - I like yer stuff...............good on ya.

Aurator - Yankees or the Padres? I'm bettin HEAVILY on what you say........................

Who said this was a gold channel?

away...to the couch..............wiff me brew......

ÉßaseballHappens

never have a better country until we throw all the bums out. He wears Abe Lincoln stovepipe hats, longtail coats, and sues the incumbent governor for the right to hold fundraisers in the governors mansion.

He is approximating a Bullworth candidacy but is generally thought to have only the proverbial snowball's chance in h___. Got my vote though for sure.

can only shake my head.

One of the main challenges is to bridge the gap between ``the sovereignty of nations on the one hand, and the demands of the transnation global economy on the other hand,'' Rubin said in a speech to fellow alumni of the Yale Law School.

Don't you just love that word demands. Roughly translated this would read:

Sovereignty of nations is an impediment to the implementation of New World Order; but were working on it.

As for POG the Dec. contract is above 300 once again and pushing resistance for the fourth time. It is critical that it succeed, or the path of least resistance is then inevitably down. IMHO only 2 occurences can push gold through resistance. 1 ) a market crash or 2 ) the forced unwinding of gold leasing and the later is actually dependent on the former. I rate a market crash possible though not probable.

I think the interest rate cut was thought necessary with the first cut but was held up to the advantage of LTCM. It has occured now because

the bulk of their unwinding in bonds has occured. They remain in business on the backs of gold carry ( just an opinion ) and they are not going away. These players are doing the business and will of the treasury in this respect. The most certain absolute in the markets is that the POG will not be allowed to rise, until as Steve Kaplan says things really get beyond the control of the government.

IMHO I add the government has nothing to lose by squibbing the books or non-reporting whatever money printing they are doing. I read a Y2K post that said the presses are all rolling round the clock to provide the cash demand for Y2K. Or is it hidden behind the need for all the new dollar bills. 1/01/2000 we will awaken to a new world where all the books will have to be wiped clean and martial law will prevail under a Pres. Clinton. So I don't look for the PPT to run out of enough money to

keep the market pumped.

I just hope I am wrong about all of this!

I am worried about his last post, as I am worried about all free-thinkers. The new m* is argumentative to a fault. His farewell message also strange.

Gold - IMHO, something related to gold is NAB. Its strength relative to the other PMs is very unusual, at least for the last couple of years. Perhaps it is related to the beginning of a flight to safety. Or perhaps it is related to the weakening of the US dollar relative to the currencies of gold buyers. Some of you ( such as Nick@C ) may remember this chart. It is not as valid as it once was, as I haven't updated the table defining the % of gold bought by the various countries. However, IMHO, it still has meaning.

http://www.kitcomm.com/pub/discussion/Curr1018.gif

I show gold near the top of an up-channel. This suggests that it can take a hit, but won't drop to new lows. In fact, I will be watching the action of silver and platinum closely. My expectation is that they both will drop to touch the bottoms of the channels shown. If gold isn't at the bottom of its channel at that time, this may be as low as it goes, and a new, steeper may be defined.

Silver - Seems to still be in a down-channel, and may see 4.40

Platinum - Also still in a down channel and may see 320

This is my best guess, and I have taken action accordingly. Reduced by gold portfolio by 75%. However, like John Disney, I am nervous. I can easily construct another set of channels that show silver and platinum ready to turn up, and gold near the bottom of a very steep up-channel and ready to soar. Anyone have a reasonably priced, slightly used crystal ball they want to sell? How about just renting it out for a day?

I don't know what you're running for an O/S, but if it's Windows NT or maybe Win '98, try looking for 'MicroSoft Photo Editor ( photoed.exe ) ' on your system. Then copy the chart to the clipboard and and then paste the clipboard in to MicroSoft Photo Editor. Now, select 'Save File As', and chose the directory and file format that you want to save ( preferrably .GIF format, it's more compact ) . Then upload the file. See! It's easy! :- )

Also, this is the first time I've posted a file here and needless to say the file is quite large ( 600+Kb ) . I use Supercharts and was wondering if anyone could explain to me how to send a Supercharts window that is smaller in size. I've seen others here that use Tradestation and Supercharts and their files are much smaller Kb-wise. How do you do that? Any advice would be greatly appreciated.