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Gold/Mining/Energy : Gold Price Monitor

GDXJ 134.75

-0.9%

Jan 21 4:00 PM EST

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To: Jim McMannis who wrote (42323)	10/7/1999 2:14:00 AM
From: Terry Swift	Read Replies (1) of 116897

Jim: Agree. The Fed will do whatever is necessary to save the major banks and brokerage/bullion firms. Prevention of a meltdown is the Fed's stated reason for existence and it will use whatever resources it has at its disposal to accomplish that, including unlimited credit from its discount window and whatever physical gold is necessary. Anyone who thinks they would not covertly (so it's illegal, that's never stopped them before) provide physical gold to the bullion banks and firms hasn't been following the actions of the Clinton/Rubin/Greenspan Plunge Protection Team these past few years. The best action for this gold market is to take a breather, a healthy correction, and then an orderly move up. That would keep the Fed from becoming really concerned about a systemic failure and probably prevent intervention. A rocket ride to $390 will most certainly bring the Fed into the market on the side of the shorts and quite possibly cut this bull off at the knees. Terry

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