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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: PaulM who wrote (47049)	1/14/2000 7:27:00 AM
From: Phil Jones	Read Replies (1) of 116764

Replace "EXPANSION" with "HIDDEN INFLATION" in the title, and you've got the better picture. There's just no way that U.S. companies are putting out five times as much real value as 10 years ago. So stock prices at five times the level of 10 years ago have to be largely inflationary. The stock market for at least the last 10 years has represented a classic pyramid-selling scheme. In any country except the U.S. it would have by now caused a collapse -- because any other country would have been measured against the U.S. But because it is the U.S. and because the world economy is dependent on the U.S., the bubble won't burst easily. It has to be some outside force that sets it off, something that creates a general unease among Americans. I can't foresee what it will be, but the bigger the bubble gets the bigger will be the burst when it blows. Some time soon something will happen that will make the Emperor aware that he has no clothes.

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