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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%Nov 12 4:00 PM EST
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To: long-gone who wrote (47659)1/29/2000 1:57:00 PM
From: Ronald Russell  Read Replies (1) of 116758
 
Richard, It's been my observation that the price of gold usually goes up when the dollar goes down. Currently, our government has been buying back our long bond and dollars to keep this whole house of cards standing. The American consumer alone cannot keep this economy of ours going without significant wage increases. The balance of trade is way out of balance. Joe Sixpack's credit cards are maxed out, and my friends who practice bankruptcy law tell me that the number of new bankruptcies being filed is increasing dramatically. This will only escalate when the fed is forced to increase interest rates to keep foreigners investing in our bonds (US debt), and to keep them from dumping US assets and US dollars. I keep reading about banks around the world being in trouble. If banks start folding, people tend to distrust paper currency and want something more substantial. Look at what is going on with platinum and palladium. What happens to the pound when the Brits dump gold? If the Dow and Nasdaq go into a free fall, I expect to see an initial drop in all markets shortly followed by an upsurge in gold and oil. These are just thoughts of a dumb concerned country boy. Please consider accordingly.
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