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Gold/Mining/Energy : Gold Price Monitor
GDXJ 124.11-13.6%Jan 30 4:00 PM EST
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To: goldsnow who wrote (37206)7/16/1999 12:58:00 AM
From: Rarebird  Read Replies (2) of 116950
 
< So much for transparency...BOE unsurpassed stupidity will surely give a memorable lesson to any other CB inspiring to sell...>

What is the " memorable lesson " here, Goldsnow? England is obviously looking to devalue their currency by selling their Gold reserves. What is "stupid" about that? England's intention is to make their exports more attractive to U.S. consumers. Presently, the U.S. economy is the super engine of growth for the whole global economy. Why shouldn't the whole world devalue their currencies to make their exports more attractive to the greatest market in the world? The average American consumer is, of course, cooperating fully by over-leveraging himself in a great pile of debt so he can buy all the cheap imports and invest in the U.S. Stock Market. The BOE's "stupid" decision to sell its Gold is merely a link in a whole "stupid" chain.
The question is: What link in the global economy breaks the chain here? Is it Y2K? I think so. To be sure, a Bear Market will bring down the whole global economy to its knees and cause a major recession, to say the least. As the dollar declines, Gold will surge. What will be the catalyst? Supreme Over-Valuation has not done it yet.
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