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Gold/Mining/Energy : Gold Price Monitor
GDXJ 134.75-0.9%Jan 21 4:00 PM EST
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To: William Harvey who wrote (52745)5/15/2000 9:48:00 PM
From: William Harvey  Read Replies (1) of 116897
 
Of course, the drop in the retail sales figures for April was the 'Poverty Effect'. Greenspan estimates that 3 cents for each dollar made in the market generates into immediate retail sales, therefore 3 cents less is spent on retail sales for every dollar lost in the stock market (some would put the figure at twice as high when stocks are down - in other words, the poverty effect is twice as strong as the wealth effect).

At any rate, a LOT of money was lost in April, accounting for all the decline in retail sales via the poverty effect and since the market hasn't bounced back much, there may be a continuing tightening of the pursestrings over these next few months.
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