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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: John Barendrecht who wrote (1003)	7/31/1997 6:53:00 AM
From: Bobby Yellin	of 116796

wow---what will happen to corporate profits in France..it sounds like last time around IBM showed better earnings because of the tax breaks.. (as an aside.friend said IBM is a great 2000 year play since they provide tons of consultants to big corps to fix the problem) Also shouldn't gold do better in deflationary times since it is global versus just linked to one economy or region? Also real estate scares me even though it is a hard asset since the holder can be taxed to death and people can be forced to sell and bring down the whole market. I think Russia etc is finished dumping all the hard assets onto the market which helped the deflationary spiral in commodities. I find the tax reforms in the USA pretty interesting. It would seem they are very pro rich and pro stock market spiral but also very pro small business development. Maybe more and more will invest in budding companies now since the risk/reward ratio has significantly changed. This is negative for investing in gold. Money might start moving out of blue chips whose price appreciation might not match companies that can grow significantly? Also..I find it a little creepy in that before companies paid higher dividends which people had to pay taxes on. Now companies like IBM are paying much lower dividends and buying back their own shares and appear to be growing and growing but isn't that creative bookkeeping. As a friend pointed out last night, when he received the dividends it was real money. Now although his portfolio has grown significantly..it is just paper which could collapse. As long as the market keeps on going, people will feel richer. They will definitely be a lot poorer if the market collapses down the road and not even have the dividend income to show for their patience.

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