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Gold/Mining/Energy : Gold Price Monitor
GDXJ 104.50-2.0%4:00 PM EST
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To: Secret_Agent_Man who wrote (82001)2/13/2002 9:07:29 PM
From: Secret_Agent_Man  Read Replies (1) of 116798
 
Conclusion

The new economic paradigm is that credit deflation begets
inflationary outcomes.  Gold, far from being irrelevant and
antiquated, is the ideal lens through which to appraise this
reality.  As perfect credit, it will become more highly
valued when investors attempt to shed assets impaired by
decades of imperfect credit.  A four-digit handle on the
dollar gold price will signify not that the markets love gold. 
Instead, it will mean that they despise the alternatives. 
There is no specific reason to think that the movement in
this direction should be precipitous.  Bear markets have a
way of taking their time, the better to deceive and to entrap
as many as possible.  Those who believe a business upturn
will end the bear market will be among them. While there
may appear to be no particular rush, violent shifts in market
views usually come with little warning.  An allocation in
favor of gold would seem to be timely.   The dollar’s days
as the premier global reserve currency are numbered.  The
repercussions of a dollar revaluation will be profound and
long-lived.   It is not too soon for investors to assume
defensive positions in light of these prospects and it will not
be long before they discover that gold is a core component
of investment defense.

John Hathaway

January 23, 2002

toqueville.com
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