Bush approves talks in Beijing with North Korea David E. Sanger, New York Times
Published April 16, 2003 KORE16
WASHINGTON, D.C. -- President Bush has approved a plan for the United States to begin negotiations with North Korea next week in Beijing, the first talks between the two countries since the government of Kim Jong Il threw out international inspectors and restarted its main nuclear weapons plant, U.S. and Asian officials said Tuesday.
White House officials refused to comment on the negotiations. But officials in several countries said China has now promised the United States it will act as a full participant in the talks, rather than just convening the other two parties. The Chinese had hoped to conduct the initial meetings in secret, officials said.
The agreement to enter the negotiations with both China and the United States marks a major concession for North Korea and an apparent victory for President Bush. His strategy of not engaging in one-on-one talks with North Korea had been widely criticized by Asian allies and by many Korea experts.
North Korea, in turn, had insisted on talking only with Washington, a reflection, experts said, of its obsession with being treated as an equal.
Bush refused, insisting that the North Korean nuclear program was a major problem for all of northeast Asia. He said that if the United States negotiated alone, North Korea would attempt to split Washington from its Asian allies, who would pressure the United States to strike a deal on North Korea's terms.
But by keeping the Japanese, the South Koreans and the Russians out of the room next week, the North can make the face-saving argument that only one other nation -- one that has served as the North's economic lifeline -- is involved.
"This is what the traffic would bear," a senior U.S. official familiar with the negotiations said Tuesday.
The official described the participation of the Chinese as a breakthrough.
"What's new here is that there is an active, bold participatory role for the Chinese," the official said.
mlsoft: I've come to the inescapable conclusion that Mr. Greenspan will not get your vote for Man of the Year, Decade or Millenium. Mr. Greenspan would be pleased at the power you lay at his tootsies: he breaks the bull, he now props and "may break the markets to the upside." Whatta guy.
what happened to irrational exuberance????????? why do people give greenspan any credit at all for this move??? he is the one who ruined the greatest economy in modern times with his meddling by raising interest rates seeing inflation which was NOT their! he needs to step down as fed chairman.........he should have been forced out long ago!;o( URMY!!
How about gold? Richard Russell Dow Theory Letters April 16, 2003
Extracted from the 15 April 2003 issue of Richard Russell's Dow Theory Remarks
Gold -- How about gold? I continue to believe that gold is going through basing action, and it's been very laborious action so far. June gold (the active contract is June) hit a closing low of 322.20 on April 7. Since then it's been trying climb out of that low area. I note that gold closed higher than its opening on seven of the last eight days, and that's a mild plus suggesting quiet accumulation.
On my MACD chart gold is in an oversold area, and the MACD studies are beginning to turn bullish. The stochastics are also turning positive.
The 200-day moving average for June gold stands at 331.18, and that would be the first upside target for the yellow metal.
HUI, the unhedged gold average, is looking quite strong, and has formed an ascending triangle just under its 200-day MA. The 200-day MA for HUI stands at 126.10, while HUI as I write is trading at 124.33. A close by HUI above 126.10 would be very constructive for gold. Let's see if it happens.
So there are an unusual number of "ifs" in this market, including:
"if the Dow can better its March 21 high,
and if gold can better 331
and if bonds can hold above their recent lows.
And let's not forget the Dollar Index, which has dropped below its 200-day moving average, so if the Dollar can hold --- ?"
As far as the US economy is concerned, there are a carload of stories, but one that came out today was that industrial production was down .5 percent in March. Furthermore, plant use in the US is down to 74.8%. Inventories are rising, and more stuff is being piled up than is being sold. But that doesn't seem to be worrying the market. After all, the stores can offer the excess stuff at half-price with nothing down and no interest to be paid for the next three years.
Or at worst, the Fed could pay you to take the stuff, no charge, and cart it away to pile it up in your garage for maybe future use.
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