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Gold/Mining/Energy : Gold Price Monitor

GDXJ 126.30

+3.6%

Jan 12 4:00 PM EST

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To: Hawkmoon who wrote (51946)	4/26/2000 1:19:00 PM
From: LLCF	Read Replies (1) of 116854

<The key here is that as the public, both here and abroad, face up to the fact that Europe (and Asia) will be hamstrung to a far greater extent than the US by its pension obligations, it provides further rationale for avoiding investing in those economies to the detriment of the US. Certainly not until they get their act together and make the hard decisions (which may very well be politically infeasible as the population grows ever closer to retirement).> From a dollar vs Euro point of view I agree that this outcome [ie. cut pensions or no] is important... but from an equity investment standpoint I will say that absolutely investment bankers have taken the political and financial considerations of Europe into consideration for decades... their problems [all their financial and political] are well known in banking circles. I will reiterate that there is great excitement in banking circles about the fiscal reform taking place [especially in Germany] in Europe. Conversely, in this country one can easily argue that the best of all possible worlds is already priced in [free labor with no pension expense and dead unions] and therefore the only surprises will be negative. DAK

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