European Stars and Stripes (Newspaper) - December 16, 1990, Darmstadt, Hesse                                Page 14 the stars and stripes sunday december 16, 1990business news retailers report weak Holiday sales by the los Angeles times the Christmas shopping season started even More miserably last month than Many recession wary merchants had forecast. Major . Retailers have released november reports showing that a key a Rommler of performance a sales at stores open More than one year a generally were Down or up Only modestly from their weak Levels of a year earlier a the Only Clear trend is that consumer spending is getting very weak a very fast a said Barry Bryant an analyst with Prudential Bache securities in Manhattan an Index of 47 retailers compiled by Prudential Bache showed declining sales for the fifth consecutive month. It showed that sales at stores open More than one year which is generally known As same store or comparable store sales Rose Only 0.2 percent last month. In october the gain was 1.9 percent. The Good news for Consumers is that the slow sales should Lead to a continued Blitz of Price markdowns at department stores analysts said. Thomas h. Tashjian an analyst with Seidler a dec securities in los Angeles predicted that retailers Quot Are going to be promotional because they plan Inchon better business analysts cited eroding consumer Confidence weakening regional economies higher gasoline prices and warm weather across much of the country in november which undermined sales of sweaters Coats and other Winter apparel. They also pointed to the individual business problems of companies such As Sears Roebuck amp co., pc. Penney amp co. And the los Angeles based Carter Hawley Hale stores. Scars by some standards the nations biggest retailer reported that its same store sales were off 2.4 percent. . Penney was off 4.6 percent. In another move to Cut expenses stores this year have dismissed thousands of workers. Sears recently froze the salaries of 20,000 managers. Analysts said the weak sales will put added pressure on debt burdened retailers such As Carter Hawleyr a. Macy amp co. And child world inc., the nation s no. 2 try store Chain. In addition analysts expressed concern that even if a late surge in shopping rescues the Christmas season retailers still appear Likely to suffer a slowdown Early next year a a. ,. A a a a a a a y a number of discounters and Pere Mally Strong specially stores bucked the Overall downward trend among gainers were big discounters such As target stores arid Wal Mart which attributed their gains to Consumers steering away from traditional department stores and heading instead to budget outlets. A Quot even among discounters however there were signs of weakness. Wal marts same store sales gain was relatively Strong at 7 percent but was Down from its previous double digit gains. K Mart was off 1.5 percent. Pc k v a. Is Iby 4 a a it it a it amp 1 a f y w a v \ Hgt f f of Quot it i 1 re f. It a y v a. Yet o k Mart was among retail Chain stores reporting decreased sales during the month of november the . Economy remains sluggish this Christmas shopping season. File one More sign that crisis by Chet Currier a business writer new York a has the Gold Market Given up the ghost a Quot v a a by that question is debated with increased intensity these Days by analysts who have watched the Price of Gold barely Budge despite All the financial and political turmoil since Iraq invaded Kuwait on aug. 2. A to some observers this behaviour is a sign that Gold has suffered some permanent loss of Luster As a Safe Haven from the ravages of economic and political upheaval Quot this is the first time in 30 years that Gold has not bounced materially in value in the face of a Confluence of difficult world problems Quot said analysts Clarence Morrison and Timothy Alch in a new report for Pruden tial Bache securities in new York a although this May be a temporary situation we need to rethink Gold a historic role for the  a hard Core of loyalists maintains that All the obituaries Are premature a these Gold purists say the precious Metal still retains its time honoured status As a store of value a in effect an International Promise to pay that can to be broken by politicians or anybody else with the Power to devalue currencies or default on debt. A it constitutes a unique hedge against the world monetary establishment a said James Grant who publishes Grants interest rate observer an investment newsletter. But even the a Gold bugs generally concede that the evidence on the Market charts has been running against them lately. While the Price of Oil has surged this year for instance Gold has remained stuck Between $350 an ounce and $400 an ounces hovering lately in the Middle of that narrow Range. That is less than half the Peak of about $875 it reached in Early 1980, the last time soaring Oil prices set off a worldwide economic scare. One Bank analyst helped to heat up the debate recently by proposing a a decent burial for Gold a he and others argue in part that sophisticated modern investment products allow investors More appealing ways to seek a combination of safety and profit. 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