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Gold/Mining/Energy : Gold Price Monitor

GDXJ 104.50

-2.0%

Dec 8 4:00 PM EST

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To: Enigma who wrote (9630)	4/8/1998 11:19:00 PM
From: Abner Hosmer	Read Replies (1) of 116798

Now you are as guilty as the rest. I hope you didn't think I was suggesting there isn't more than enough dirt to go around. If you weren't being reactionary I think you'd realize that what I was getting at is that it doesn't matter. What it all boils down to is one question: Does capital feel comfortable in the current environment, that is, is it friendly, or does it feel threatened? Clearly, capital was happy with Reagan and it is happy with Clinton. Under Carter, on the other hand, it felt that it was doomed. And it's equally clear that it doesn't care for a democrat congress. Beyond a certain equilibrium, I don't think gold can have a sustained rise until capital feels threatened again. Central banks sell gold because they feel it is safe to do so. They didn't always feel this way. Hope you can to see the relevance.

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