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Gold/Mining/Energy : Gold Price Monitor
GDXJ 89.99+2.8%Nov 5 4:00 PM EST
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To: PaulM who wrote (50205)3/9/2000 7:49:00 AM
From: Phil Jones  Read Replies (1) of 116752
 
Paul, your comment that the world's economy now rests on the U.S. stock market hits it right on the head. Exactly. As long as Americans feel good about the U.S. stock market, everything stays rosy -- and goldbugs stay in the dumper. Of course, the money being poured into the U.S. stocks is just being fed into an inflationary void -- but where else are U.S. pension funds going to put money that will give them anything close to the 'paper return'. What it needs is for someone to yell real loud that 'the Emperor has no clothes!'. The head of the Federal Reserve sure isn't going to do it. The European Union, with its fragile euro, sure isn't going to do it. All of those who could yell about the Emperor's clothes won't -- for their own interest. So the inflationary U.S. stock market will carry right on, and everything tied to it (such as the POG) will carry right on at present levels. GATA won't change things. I can't see what will. Phil
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