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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Richard Mazzarella who wrote (414)10/31/1999 9:46:00 PM
From: Larry S.  Read Replies (2) of 972
 
Richard,

Thank you for the suggestion. I noticed it on the Silver thread, one of several on which I lurk regularly. If you look far enough back on that thread you will see where Ray Hughes offered some very favorable comments concerning Corner Bay, Claude's favorite. It also looks like a sure winner. I don't mean to suggest that Claude isn't reliable or knowledgeable, but I have met Ray Hughes and found him to be especially knowledgeable.

While I'm at it, I have been trying to get a list of the stocks that are the basis of Barron's GMI. I recall that, when you first suggested following it, you did so on the basis that you felt it is more representative than the XAU. Barron's hasn't been very helpful to date. Do you happen to have the info or know where I can obtain it.

I'm a little surprised that you are still negative about the prospects for PMs. I think that the recent announcement of the European CBs has changed the market conditions for gold in a way that virtually assures a higher price. The gold carry trade offered essentially free money to Hedge Funds and the like and I can't believe that a large number failed to take advantage of it. Unlike the YEN carry trade, the gold carry trade has been a success for many years of sliding gold prices and once a condition exist for a few years it will be assumed by many Wall Streeters to continue indefinitely. It is clear that the carry trade contributed additional supply each year. However, the European CBs have cut off additional supply and, while it may take months for impact of the cut off to be fully reflected in the market place, I believe that it will be reflected by higher gold price.

Cheers,
Larry

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