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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: fishweed who wrote (3075)	11/12/1997 1:32:00 PM
From: PaulM	of 116842

U.S. can't lower already existing debt payments (the return on already purchased bonds) by lowering interest rates. Lowering interest rates now will lower the return on bonds purchased subsequent to the decrease. In times of inflation, or when dollar denominatd securities are otherwise less attractive, continued govt borrowing requires rasing interest rates (rasing the return on the bonds). On the other hand, inflation is a way of reducing in real terms debt already owed (purchased), except for inflation adjusted bonds.

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