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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

+0.9%

4:00 PM EST

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To: Mark Bartlett who wrote (37950)	7/28/1999 10:52:00 PM
From: lorne	Read Replies (1) of 116762

Hi Mark....... <<In my estimate, gold rising strongly would initially hurt the Dollar, making it weaker vis-a-vis the Yen & Euro.>> I have heard this comment used many times and it just does not sound correct to me. I don't think a rise in the price of gold will hurt or cause the dollar to lose value I think a rise in the POG just indicates that the dollar has lost value and the world is just looking for a place to store their value. I am starting to wonder why CBs should think that gold is a threat to their currencies. It is said that the USA holds something like 8000 tons of gold why should they fear gold at 1000$/oz. wouldn't it just add to the value of their currency. ? The new EURO started out with 15 % gold backing it appears to me that they have no fear of gold price. Take care Lorne

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