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Gold/Mining/Energy : An open letter to jr. gold investers by Ron Pitts 03/27/97
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To: William H Huebl who wrote (94)3/31/1997 4:53:00 PM
From: White Shoes   of 297
 
Bill,

Here are some interesting views from Steven Kelman, taken from Investor's Digest, March 28, 1997:

"....

"Mr. Greenspan's remarks have a lot of weight... . Those of you who have long memories might recall his comments on gold which were first published in 1966. The title of the article, 'Gold and Economic Freedom', syas it all, and included such comments as "In the absence of a gold standard, there is no way to protect savings from confiscation through inflation."

"I don't think anyone expects the world to go back on the gold standard. And I acknowledge that we have seem a bit of a reversal...of the deficit spending policies that began three decades ago..."

"However, inflation remains a part of economic expansion in other parts of the world that have what we might describe as crude capital markets. Gold remains a store of value in the emerging market countries and demand will continue to increase."

"Bullion prices have declined because of selling by some European central banks in preparation for their move to a common currency. At some point the Europeans will have to re-examine their economic priorities given their unemployment and put more money into the system one way or another."

"Meanwhile we can only speculate as to who bought all the gold the European bankers sold. But it appears that someone is putting a lot more faith in gold than European Monetary Units, and possibly dollars, for that matter."

"I continue to be bullish on the resource sector, including precious metals."

We'll see.
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