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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 226.10

+2.5%

3:59 PM EST

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To: John Donahoe who wrote (78819)	9/28/1999 5:58:00 PM
From: GST	Read Replies (1) of 164684

John -- This is the essence of the problem for Kudlow -- he says "It is precisely the gold fall that has contributed so much to my optimistic outlook for the stock market, low interest rates and solid economic growth." He says this often enough that now he risks looking stupid. Gold has not been a reason for anything. It was a commodity that could be sold short with impunity with ultra-cheap leasing by central banks -- and it was sold short with impunity until last week when people woke up to the shortage that this had created, so much so that the price jumped when the BOE sold 25 tons. The decision by central banks to limit sales was not the main news -- it was the decision not to lease more gold that sent the metal through the roof. Now the shorts are running for their lives and it means nothing about our stock market or inflation. I have no opinion about Kudlow -- but his repetition of this mantra that gold indicates that we are in a deflationary environment was crap before -- and it is sheer stupidity now. If he looks like a dummy, I don't care. It was a stupid argument for him to keep repeating. Maybe he thought the manipulation of the metal would go on forever.

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