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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (9533)8/9/2000 7:52:27 AM
From: re3  Read Replies (1) of 436258
 
guess this is old news around here but i see the three gold bugs left in town can't even have a pure index to watch any more :

FROM AUGUST 4: QUESTION: What do you think about the recent inclusion in the XAU of Phelps Dodge, a copper producer, with a weighting of almost 15%? ANSWER: I think that the Philadelphia Stock Exchange made a mistake with this action, since the XAU is most useful as a pure gold share index (the full name of this index notwithstanding, there is no real silver representation). By adding producers of other metals, the XAU loses its usefulness as a leading indicator and as a reliable long-term gauge of gold mining share prices. Although Phelps Dodge has roughly tracked the other components of the XAU over the past couple of years, there is no close long-term historic correlation. Including a copper miner with gold miners causes confusion as to the real meaning of this index. It also makes it difficult for gold fund managers to use the XAU as a benchmark for their own portfolios. A minor irritant is that its symbol name (PD) is very similar to Placer Dome (PDG), a long-time member of the index. If enough people complain to the Philadelphia Stock Exchange, perhaps their decision to include Phelps Dodge will be reversed.
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