Casthagat News vecomber 2, 1947 GOLD: By SHAWN MeCARTHY Canadian Throughout history, the price of gold has traditionally been a key measure of doom and gloom. When the price moves up quickly, chances are things are getting pretty hairy in the real world. That's because the precious metal has tended to serve as a hedge against many kinds of calamity, including way inflation, plunging stock prices and devaluation of national currencies. Some experts say gold could now gain from the tremendous uncertainty in the world’s financial markets, but others warn this is not a time to speculate. On Black Monday — the day the New York Stock Exchange's Dow Jones average dropped a record 508 points — investors rushed to gold, pushing the bullion price in Toronto up $11 to a four-year high of $482 US. SEEN AS HEDGE “Gold is always looked upon as a hedge against whatever terrible future permutations we can imagine,” says Fred Meredith, a portfolio manager with Merit Invest. ment Corp., a Toronto brokerage. “We should always have some in a portfolio but at this point, I would say it would not appreciate and probably depreciate.” Bullion is a purely speculative investment — it pays no interest or dividend and gains can only be made on price increases. Some shares in major gold producers — what brokers call senior gold stocks — may pay dividends. But in recessionary times, gold falters as investors find other vehicles where their money is relatively risk-free and a return is guaranteed. Four weeks after the Oct. 19stock market crash, gold prices had fallen back to between $460 and $464 US as investors became recession-wary and central banks sold gold to defend the battered U.S. dollar. With economists warning of slower growth or even recession next year, most experts advise tilting one’s portfolio toward something that brings a good yield — such as bonds, preferred shares or money-market instruments. “We're not recommending speculation on an inflation hedge right now,” says Laird Grantham, head of research for Walwyn Stodgell Cochran Murray in Toronto. “We're looking at the possibility of a recession and the price of gold could weaken. It would be a very risky play in the short term.” Grantham adds there is a chance inflation will gather steam next year and so the bullion price could begin to climb later in 1988. Some experts take a different view, forecasting the price will smash through the $500 US an ounce level by the end of this year or early next year. “We believe $510 is a year-end target and expect an average price in excess of $550 in 1988,” says John Ing, president of Maison Placements Canada Inc. in Toronto. “The single most important (price) determinant is gold’s role as a hedge against investor anxiety — and there is much today,” Ing writes in a Nov. 3 newsletter. Answer to Sunday Crossword Puzzle No. 289 ‘Answer to Sunday, Nov. 29 Cryptoquip: BE.CERTAIN TO BUNDLE UP WHEN HEADING UP NORTH. AMAZINGLY, MANY ARE COLD BUT FEW ARE FROZEN Don’t be Disappointed! ORDER YOUR PERSONALIZED CHRISTMAS CARDS N-O-W Yes, order your personalized Christmas cards now while stocks are still complete Choose your Christmas card from the wide variety available and have them personalized with your name and address We Also Carry Christmas Letterheads Castlh légar News 197 Columbia Avenue Gold measure of doom, gloom Ing cites a number of factors that could have a positive effect on gold prices, including Third World debt problems, weak financial marekts, volatility in currency markets, and concerns over South Africa, the western world’s largest gold producer. Ing worries about the move by central banks to pump huge amounts of cash into the money system in a bid to soften the impact of October's stock market crash. This policy might stoke up inflation since it could lea@to a situation where too many dollars chase too few goods. Widespread bearishness over gold creates buying opportunities, argues Ian McAvity, a gold mutual fund manager and editor of Deliberations, an investors’ news. letter. He adds that overseas investors, particularly the Japanese, are beginning to look more favorably on the precious metal. McAvity suggests investors put from 15 per cent to 30 per cent of their money in gold — evenly split between mining stocks and bullion. URGES LIMIT However, Grantham says 15 per cent is a more reason able hedge that will allow you to sleep at night. “Anyone who says 25 to 30 per cent clearly is much, much more optimistic about the price of gold than we are. John Lutley, of the Gold Institute in Washington D.C., points toa study by Salomon Bros. of New York which found that over a 15-year period, gold outperformed both stocks and bonds as an investment. If you decide to buy gold, there are several ways to do it. There is a wide range of gold mining companies — from the junior explorer with virtually no assets to the senior TORONTO (CP) — Banks that bully borrow- ers over problem loans face an increasing risk of being sued by those borrowers. Lawyers specializing in the new field of “lender liability” say there is al- ready an established trend in the United States of borrowers successfully suing their bankers for damages, with the newest twist being damage awards for mental suffered by beleaguered borrowers. Although not as wide- spread, there .also have been Canadian cases in which courts have ruled against banks for taking actions judged to be dam- aging to their borrowers’ businesses. Consequently, Canadian banks have been advised by lawyers to tread care- fully in dealing with prob- lem loans. “Signs of arrogance or hig! by a bank producer — whose stock prices have dropped dr in the last month. CAN BUY COINS ‘The Canadian mint sells Maple Leaf gold coins, and you can also buy American Eagle coins. Gold bars of wafers can be bought at major banks and metal dealers and stored in vaults. But assaying or other verification charges can eat into profits. You can also purchase certificates, which entitles the holder to an amount of gold held on account. However, investors must be wary of fraud and only buy wafers or certificates from well-established companies, says Lutley. “There have been a huge number of scams — please, know who you're dealing with.” B.C. Hydro Exports totalled $88 mil: lion, up from $7 million in the same period a year ago, but VANCOUVER (CP) — Drought conditions in United States were a major factor in increased power exports as British Columbia Hydro re ported a $100-million cut in its operating deficit for the six months ending Sept. 30. gas revenues dropped $26 million. “Low water conditions in the western U.S. were the main cause of the significant The Crown-owned utility reported an operating loss of $46 million for the first six months of its fiscal year com- pared with a loss of $148 million for the same period in 1986. increase in export sales,” the report says. “The warm weather was also responsible for a six-per- cent decrease in gas sales volumes and this, combined with lower gas prices, re- + CHURCH DIRECTORY T officer may elevate a sim- ple collection case into a complicated lawsuit where punitive damages are claimed,” lawyer Sheryl Seigel said in a research paper recently presented at a conference organized by Toronto-based Insight Educational Services Ltd. The Supreme Court of Canada has clearly estab- lished a debtor must be given reasonable opportun- Bullying banks face lawsuits ity to arrange repayment of a demand loan before the security held “by the lender can be enforced. HAVE BEEN SUED Canadian banks have also been successfully sued for damages when it has been found the bank, or a consultant working on be- half of the bank, interfered with the debtor company's payments to its suppliers by moving too hastily to cut off credit. Bruce Leonard, a Tor- onto lawyer specializing in insolvency, said at the recent conference that lending relationships and credit arrangements are no longer straightforward. Leonard wrote in a back- ground report prepared for the conference that lenders are becoming subject to claims of breach of duty, negligence, interference, misrepresentation, fraud and breach of contract. “Borrowers have been relieved of their obliga- tions to repay. borrowings and have been awarded damages, and even puni- tive damages,” the report said. While Canadian busi- nesses are nowhere near as litigation-happy as their U.S. counterparts, lender- liability cases show signs of becoming part of the Can- adian legal landscape, he said. cuts deficit sulted in (gas) revenue being $26 million below the 1986 level.” Hydro's total revenues for the first six months were $917 million, up $59 million. Operating expenses and fin- ance charges, a reflection of the rising Canadian dollar ag@inst U.S. currency, show- ed a $43-million drop. The report said an im- proving B.C. economy re- sulted in higher domestic sales of electricity but they PENTECOSTAL NEW LIFE ASSEMBLY 602 - 7th St. © Ph. 365-5212 — Near High School - SUNDAY SERVICES Christian Education 9:45 a.m Morning Worship 11:00 a.m. Evening Service 6:30 p.m WEDNESDAY 7:00 p.m. Bible Study Crosstire tor Youth FRI 713 - 4th Street Office 365-3664 Rev. Glen Backus Worship Service 9.a.m. Sunday School 10:15 a.m. Youth Group, Sunday, 6:30 p.m. WEE COUEGE — WOMEN 5 Bible Study, Wed., 8 p.m. : Listen tothe Lutheran Hour 9am on Radio CK ANGLICAN CHURCH 1401 Columbia Avenue Sunday Services 8:00 a.m. & 10:00 a.m. Sunday School 10 a.m. Prayer 7:00 p.m. Youth Meeting sunday ‘km. W. of Castlegar Hwy. 3 towards Grand Forks PASTOR: Stuart Laurie Ph. 365-3278 Sunday School — 9:45 a.m. ‘Sunday Morning Worship 11:00 9... Prayer & Bible Study Wednesday, 7:30 p.m. Satellite Video Seminars Accredited Home Bible Study Courses A Non-Denominational Family Church, Preaching the Word of Faith FULL GOSPEL FELLOWSHIP (A.C.0.P.) Rev. Charles Balfour 365-2271 Parish Purpose: “To know Christ and make Him known" EVANGELICAL FREE CHURCH 914 Columbia Ave. Sunday School, 9:45 a.m. Family Worship Service 00 a.m. Bible Study-Prayer Tuesday, 7:00 p.m. Ladies Bible Study Friday, 9:30 a.m Youth Ministries o “Onto 809 Merry “Cleek Road Past Fireside Motel PASTOR: Sunday School Ed Neufeld 10:00 a.m Phone: 365-6675 Morning Worship MEMORIAL CHURCH 1st Sunday, 7:00 p.m 2nd, 3rd and 4th Sundays, 10a.m No service 5th Sunday 11:00 a.m. Evening Service 6:30 p.m. TUES. 6:00 P.M. AWANA — Children’s Program Kindergarten to Grade 8 WEDNESDAY NIGHT Study & Prayer 8 p.m Church 365-3430 365-7368 Robert C. Lively, Pastor CHURCH OF GOD 2404 Columbia Avenue Church School “GRACE PRESBYTERIAN 2605 Columbia Ave Rev. J. Ferrier 3-45a.m Phone 365-3182 Morning Worship Morning Worship 11a.m 11:00 a.m Pastor Ira Johnson Sunday School Phone 365-6762 11:00 a.m Below Castleaird Plaza Phone 365-6317 Pastor: Barry Werner Phone 365-2374 — SUNDAY SERVICES — Sunday School 9:30 a.m. ‘Morning Worship 10:30 Evening Fellowship 6:30 Wednesday: Home Meetings 7:00 Flea Meta Ministri HOME OF CASTLEGAR CHRISTIAN ACADEMY 365-7818 UNITED CHURCH OF CANADA 2224-6th Ave. 1% Blocks South of Community Complex 10.a.m. — Worship and Sunday School Mid-Week Activities for all ages. Phone for information. Rev. Ted Bristow 365-8337 or 365-7814 Pe cclcecndahlaant ea SEVENTH-DAY ADVENTIST CHURCH ad 1471 sea i vee Trail OVW Regular sonedoy’ Services Pastor Cliff Drieberg 365: were offset by the warm weather as the total domestic electricity revenue increased by only $4 million. Our Action Ad Phone No. 365-2212 Great Christmas Gift. . . Genuine Sheepskin Seat Covers UNIVERSAL STRAP-ONS Reg. $89.95 .... $79.95 MULTIFIT SLIPCOVERS Reg, $124.95 .. .. $109.95 BED CASTLEGAR HYUMNDA HORIZON COMPUTERS Featuring: NOVA — PC Compatible XT, AT — Roland Printers/Plotters — NEC Hard Drives and Other Peripherals ASK ABOUT OUR XMAS SPECIALS CALL GRANT DeWOLF at 365-3760 WEEKENDS OR AFTER 5 DEALERSHIPS YN ) Kootenay Honda Oh (across from Waneta Plaza) 368-3377 Dealer No. 7724 CASTLE TIRE (1977) LTD. SALES & SERVICE SE 365-7145 1050 Columbia, Castlegar When you power up with Stihl : A THE PRO KIT (noteit Veive Approx. $51) @ new STIL 009 1, 01). Mg = — SUPER, 034 oF 038 SUI 40: Je engine oll *chain sahety manual = protective oft vchain cow manual © ve tcabbard * durable The right accesories to wp hele you new STIHL chain aw worl , work longer Yond ete safely. FREE in your COLUMBIA SAWS ® STIL reid Kitt Si THE WORLD'S LARGEST SELLING CHAIN SAW P, lent condition. Asking ences ith bi 4152 otter 6 OSBURN cir Tight woodstove, %6 Good condition, $300, 368-2766. 1984 BIG RED ; 3/96 range, $1.7 PIANO, Needs tuned, Cougar freeze, $100. 365-2850" skinned tug, couch/chair. a /' Vew & Used Furniture ze XMAS Open 9-6, poco CENTRE PIECES Silk or Fresh For Banquets or Home HUNTER Valley Comfort system lower. Bes Datsun 4-5 510 car or truck, c/w clutch be 365-6160. 40” PLAYPEN, at Tolding into travelbed, ‘Aluminum med _ infant ipockpock $20. 3683760, 1% RENT THIS SPACE 365-5210 =K & A TIRES LTD. For all your tire needs! Also specializing in brakes and shocks. 1807 Columbia Ave, BRIDGESTONE coi 305-2955 Bank of Here’s how you can say to all your friends for only $ 4.00 and at the same time help the KOOTENAY SOCIETY FOR THE HANDICAPPED Send local Season's Greetings and help the Kootenay Society for the Handicapped. For a donation of $4 or more, the Society will publish your name in issues of the Castlegar News just prior to Christmas. (For a donation of $5 or more, the Society will issue a receipt, if requested.) DONATION BOXES LOCATED AY THE FOLLOWING: Bank of C Kootenay Savings Credit Union, Phacvejasve, Carl's Drugs, West's Travel Agency, Castlegar News and Central Foods. Or mail your donation, using this handy coupon: Savings Credit Union, To: Christmas Card, Address __ Fe Box: Kootenay Society for the Handicapped, Box o Castlegar, B.C. VIN 3H4 Please include the follow in the Society's 1 Ce Cord od (send $4.00 for each fomily grouping). ie cone Cememealty Sea ires Names (pleose print) $___ enclosed. recommend ot ne ‘bvemecnee Usted above. Postal Code dropping this form in an envelope in any of the Donation SUVER RATTLE ANTIQUES: our latest arrivals for Christmas = lewellery,_silver, china. etc. at TULIPS FLORAL CO. downtown un ciate I oi ELECTROLUX SALA SEEV ICE. Bob Leathard. Ph. 693. Rates First 10 Words $3.75 Additional Words 20¢ 3 Insertions for Price of 2 7 Insertions for Price of 4 Reduced Rates for 13x, 18x, 26x, 52x, 104x are Also Available Special Rates are tor Consecutive Insertions Attention Getters 25¢ for each time ad appears (Minimum charge 75¢.) Legal Ads Word ads: 20¢ per word tor one insertion; 15€ per word subsequent consecutive insertions. Minimum charge is tor 20 words. Legal boxed ads: 04¢ per agote line tor one in- sertion, 48€ per agate line for suvsequent consecutive inser. tons Payment may be made by cash, cheque or Visa and MasterCard credit cards. It se days after it first appears. (This $1 charge does NOT op. ply to Visa and MasterCord bought sold. Cosh or ede. Wises Hardware. Rossland. 1-362-5171. tn/93 charisma EEL SKIN COLLECTION Wallets * Hondbogs * Briefcases Call 365-5953 2 Goer studded ras snow $75. 65.6002. 3/94 seu upr piano, 1300. 368- ai 3/94 WE CAN HELP YOU BE WORTH MORE TOMORROW THAN YOU ARE TODAY! SACK L. PARKIN Bus. 365-6664 © Res. 365-2694 i ff manuat Life of Canada Mutual Investco ‘cement 10.a.m. Friday Order by Mail Print your Action Ad on o separate piece of paper and mail to: Action Ads Box 3007 hoagie yr} B.C. The Coniteder! Rows renervss, the right to classity ads under appropriate headings and determine page location. Human Rights Act All advertisements such as Help Wanted must comply with the British Columbia Humon Rights Act. This Act stotes no advertisement may state or imply a preterence, ion, an tenance of public decency AND prior approval obtained through thectumnen eat oa ap pyri Mp wie FOR MORE INFORMATION CALL ACTION ADS — CLASSIFIED DISPLAY — 365-5210 365-2212 4 Buy of the Week by Lynn Johnston TOMATOES »/56* 3/$1.00 AVOCADOES = 49¢ Caltorma me.» $1.87 (Wms STOCKS LAST) WE RENT VHS VIDEOS Hrs. 8 0.m.-8 p.m. dally Robson, 365-7941 WATERBEDS. For all your water bed needs and supplies. 7608. terge 104/4c =e + $995 Hope ‘, we Te JOBS BAT CARS [mmm YOUR BUSINESS | PLUG INTO THE CLASSIFIEDS This Space is Available . . . For More information Call Display Dept. 365-5210 ARROW BUILDING ‘2240-6th Ave. 365-2175 FULL-PAGE REPRODUCTIONS of tron itional ts pare you have to be invateee). Cast wel Columbia Ave. phone eS NINA’S Personalized Hair Core inte AMWAY guaranteed products, wath service to your door. Phone PROVINCE-WIDE CLASSIFIED 129 $10 DISCOUNT FOR CASH! ae NINA TEREKOFF Formerly of New Yerk Society Thome 1763 ery. 3A Colt 999-4968. ‘Anytime APPLE HC ose Raat “ah FURNITURE © INTERIOR FINISHING © GARAGE DOORS Soles-Repoirs GRAHAM READ 222 - \02nd Ave., Castlegar ee SINGLE bed frome, spri $25. 365-2375 He i ‘enmore elec- ie Combination tug sham- pocer/polisher, $20. 965-6612. PAIR of 200CC cross-coun ghlls, very good shope, $25. 2 f Savy drum set, excellent con- dition, $15. 365-6032. 3/94 APARTMENT SIZE humidifier $30. 365-25; 94 3/94 KITCHEN Sabie $19. 365-5718. 3/94 TERINGTON manual typewr $40. 365- Aluminum Sheets 24%" x 36" 1 to 12 — 78¢ Bach 13 to 24 — 60€ Each 25 or More — 60¢ Each tool snowblowers, household fu: tools. More items added ORANGE enomelied 1 ‘acorn fir . cast iron base, 6 sections gromelied | 10" Rights Branch). Two-Gallon PAILS LADIES" white Figur kates, BAUER CLUB CAPRI DOB FI og ACORN fireplace, $40. 359-7815; FOUR single-bed boxsprings, $1( “310 each. 365-6239. ii ARROW BUILDING HORSE for sale. 966-6265. 7/9: ONLY EACH vy duty all plastic ‘pails ‘en open fiting Need cleaning. $1 SO each. * DOG OWNER COUNSELING ® DOG TRAINING Coll Christine Cross 399-4121 need trom * L. TO SUPPLIES es }, SIAMESE KITTENS "Forrias Ano FISH AT FANCY FUR FEATHERS 0 Mall» 364-3813 Coho Mh QNE BDRM. HOUSE, theres, hou: 8/96 0. midge Mt, BORM. Tecat s. downtown '{200/month. Phone house, North $ep4/niten included. 495. ae SOATIOUSE FoR a, or Syringa Park Marino. 365: UXE 1 bdrm. Utilities included, 365-5151 /365-3808. AALt HOUSE for Crescent Valley =e OFFICE SPACE FOR RENT : CALL 365-6700 2BDRM., He. bet. Vanes mobile stor . trailer in town 4 , trig Ideal retirement 1 & 2 bedroom units Fridge and Range Very clean & Homey Would Furnish on Request Ask for more intor- mation on Senior Citizens retiring plan PH: 365-6213 QUIET one! ‘apar- tment on by Mohowk, $250/month. Apply Mother Netyros Pantry, downt Gewniown SOUTH CASTLEGAR. 2 bdrm. js please, 71) ited ___tn/9t Turnished bemt. ince, $225 ame gas 7 ite, pr utilities collect. BORM. Utilities locat Soa te entra: included. furnished opgrtment. Included, “Centrally it Maranatha Court Family like atmos: 1, 2and 3 bedroom units with fridge and stove ideal Retirement Handicapped Units available Close to 3 schools Private Entronce/ Sundeck or Patio 8 CAMPER: fridge, tur. nace. Excellent Condition. 365. 6502 atter 5 p.m. 3/9 1974 Ex Cherchee. 1975 GMC pickup. otter. 365-6350. 3/96 1978 wick apie SuMocA ms. AA Condition, cae iumit’$200 tor three Ui items. The rice of each item must be THE ALTERNATIVE No Nonsense No Gimmicks No Chickens Ror IN OR CALL ROBERT AT. HERITAGE 352-5522 AMD THAT'S A FACT! Castlegar. Lorge Bodmer Phone = ters weekdays. all day weeken- SETS bachelor tur. ‘one bdrm. suite, close in. tina? 7 BDRM. apt., furnished/yntur- nished Boe alice." cable Included. Woundry tocilities eoiiaran, 38. 4 n/ 3 3/94 , clean, 2-bdtm. duplex , stove, large yard, B00 a 3/94 5 FIR Christmas tree, artificial complete with stand, $20. 365. $293. 3/96 ar Monthly rate of hide wallto-wall cor pring west, nat light and HOO" HOOVER in washer/dryer $185. Phor Phone 365-6199. M06 74 BALES of hay Sond Gini a crop) at 25/bole. Heavy duty exercise fie. $80. 359. 359-7772. 3/96 MOBILE home furnace — Beach 70,000 BTU. Pertect condition — serviced $200. ‘during mid 265 05. TWO WINDOW blinds, insulated, approx. 26° wide, $16 each. 368; 1979 GMC 4x4, low mileage, V- 8, automatic AM/FM cassette. 365-5269. me 1980 WAGONEER 350 ou loaded, new engine, 98,700.'3 2. 1986, oa Eur litre, Idaded, $12,200. 798 ‘Maverick, cot on- den, 875 $750. 365-8032 att 1987 CHEVY SPECTRUMS 98997 1977 COUGAR. good Ties condition. 351 ¢, askjng $1,100. aioe ui Peer ides ear 7794 CORVETTE Gloss T- om vi 1976 TOYOTA Corolla Hon, new paint. 365-82!