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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Terry Swift who wrote (46958)	1/10/2000 11:06:00 PM
From: PaulM	Read Replies (1) of 116762

Michael Burke on The Bubble A very good overview siliconinvestor.com Get the impression that this craziness has lasted so long that even a lot of conservative investors are throwing in the towel? Lots of talk about Greenspan and the PPT saving the market at any cost, etc. etc. NONSENSE! This stock market will succumb to higher interest rates like every bull market before it. As inflationary expecations increase while corporate and personal refinancing needs remain huge, rates will continue higher. The constand need for financing as far as the eye can see ensures we are in a long term bond market bear which will end the housing boom, increase the already high number of bankruptcies, make buying cars and other credit related items less affordable and so on. A continuation of Greenspan easy liquidity policy wil only hasten this process by scaring more and more lenders away. (Who would lock themsleves into a fixed income in this environment?) Eventually, Fed will be forced to recognize the damage this runway bubble is doing to debt an credit markets, and the stock market will be left on its own.

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