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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

4:00 PM EST

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To: Tunica Albuginea who wrote (42829)	10/13/1999 3:04:00 AM
From: Jim McMannis	Read Replies (2) of 116767

TA, RE:"Again, most bull markets are toppled by unpredictable events events. I dare say that the rise of the POG to where it will threaten US$ hegemony was totally unpredicted"... The rise in gold is too easily explained to have a direct effect on our market. It would have begun to rise long ago had it not been for excessive CB selling. I can't equate the coming correction in the markets as directly linked to the POG at this time. I do know that it's a crap shoot whether the POG will go up if the general market tanks. Might as well throw in Pakistan. The dollar might tank some but eventually will get rescued. I remember in '87 when the market crashed, AG stepped in and bought treasuries. The contract was lock limit up for three days. That helped the dollar I think. Signs of inflation have been there since June....that's now hurting some of the DOW stocks. Intel missed its number and that coupled with techstocks being overbought will hurt the Nasdaq tomorrow. Intel already down 6 in after market trading. I don't feel bad about holding gold right now. Y2K will likely temper any new highs in the market through the rest of the year. A Y2k caused recession may put an end to any inflationary spiral but that will occur next year. I wouldn't be surprised to see the DOW und 10k between now and then. As a matter of fact, I expect it. Probably, a further dip after 1/1/2000 if the problems expected occur. I don't want to hold gold going into a recession so there may be an exit point in the next few months. Jim

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