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--- Begin Message ----Caveat Lector------------------------- Yahoo! Groups Sponsor --------------------~--> <FONT COLOR="#000099">$9.95 domain names from Yahoo!. Register anything. </FONT><A HREF="http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> --------------------------------------------------------------------~-> Covert Intervention by European Central Bank Expected By Raj Rajendran Reuters Thursday, November 25, 2004 http://www.reuters.com/financeQuoteCompanyNewsArticle.jhtml? duid=mtfh66519_2004-11-25_13-55-06_l25626607_newsml LONDON -- The euro hit a record high of $1.32 on Thursday on a growing view Washington is happy to see a weaker dollar, while bond prices rallied on a slump in the German Ifo business confidence index to its lowest in over a year. Gold soared to a fresh 16-1/4-year high above $452 a troy ounce on the back of the sliding dollar and oil moved above $49 a barrel on concerns over thin heating oil supplies. But European equity investors drove stock markets higher as corporate earnings continued to please, in light trade with Wall Street shut for the U.S. Thanksgiving holiday. Appetite for euro zone assets was underlined by data showing a sharp increase in portfolio investments to 39.6 billion euros in September from 6.3 billion in August. "The basic message coming from (the data) is that there is a more solid backing coming from the underlying investment flow picture for a stronger euro than we have seen for some time," said Tony Norfield, global head of foreign exchange strategy at ABN AMRO. The FTSEurofirst 300 index rose 0.63 percent at 1,029.33 points. The euro set a high of $1.3237 while the dollar fell to 102.41 yen, a loss of more than 8 percent since late September. The dollar also set new lows against other currencies -- a nine-year low against the Swiss franc, a 16-year trough on the New Zealand dollar, and a nine-year low against a basket of currencies. "We have moved into a new stage of the dollar decline. ... The move is very much a full-fledged policy event. Until policymakers truly protest, what's going to stop the trend?" said Jim McCormick, head of foreign exchange research at Lehman Brothers. Euro zone policymakers could be forced to show their hands in the face of patchy economic growth. The latest dismal Ifo index is another sign that all is not well. The German Ifo business climate index fell to its lowest level in more than a year at 94.1 in November as the euro's surge to new highs and strong oil prices dampened confidence among executives. "It is becoming increasingly accepted that the European Central Bank will have to act in the event that the euro nears the $1.35 level, which is the equivalent to the 1.45 low in the USD/Deutsche mark attained in summer 1995," said MG Financial Group chief currency analyst Ashraf Laidi. Laidi expects the intervention to eventually take the form of covert euro selling via German and French commercial banks. The stronger euro and weak Ifo data helped euro zone government bonds rise as the interest-rate sensitive two-year Schatz yield fell to its lowest in more than 7 months at 2.32 percent. The December Bund future was up 12 ticks on the day at 118.30, compared to 118.31 before the data. Earlier, the Bund future hit a contract high at 118.36 after confidence among Italian manufacturing firms fell in November to its lowest level since May. U.S. Treasury markets are closed but on Wednesday short-term yields shot up to two-year highs on expectations of higher U.S. interest rates. Solid results from Britain's biggest supermarket Tesco and German chemical giant Bayer helped shares get off to a strong start as investors looked past the stronger euro. Consumer electronics giant Philips also rose after selling its 3 percent stake in French media group Vivendi Universal for 720 million euros. Philips shares rose 1.5 percent as traders speculated what it would do with the cash, while shares in Vivendi eased 0.7 percent. Britain's third largest bank Barclays was one weak spot, down 3.7 percent as traders focused on increased costs despite the company confirming it expected to meet market forecasts for the full year. U.S. stocks closed higher on Wednesday, with technology stocks Google Inc. and Apple Computer Inc. leading the way. Tokyo's Nikkei average closed higher but the gains were capped by the yen rising to new 4-1/2 year highs against the dollar. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.GoldReview.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com� http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.freemarketnews.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html � (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm � (In Spanish) http://www.plata.com.mx/plata/plata/english.htm � (In English) http://www.resourceinvestor.com/ http://www.miningmx.com Subscription sites: http://www.lemetropolecafe.com/ http://www.goldinsider.com/ http://www.hsletter.com http://www.interventionalanalysis.com http://www.investmentindicators.com/ Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653 http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin,� President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 � and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[email protected]/ <A HREF="http://www.mail-archive.com/[email protected]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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