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Gold/Mining/Energy : Gold Price Monitor

GDXJ 150.31

+2.0%

4:00 PM EST

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To: Alex who wrote (57334)	8/16/2000 1:19:59 AM
From: PaulM	Read Replies (1) of 116927

ON BORROWED TIME prudentbear.com P.S. FWIW, my guess is that now, today, we are in the next, big down leg in US financial assets, particularly stocks. I just don't see where the needed liquidity can come from anymore. Not the public. They're in debt up their eye-balls. Not Greenspan because he has to worry about foreign inflows (and more specifically, the "foreign inflows" of US financial insitutions whose affiliates borrow abroad to defend positions at home--like LTCM and the yen carry trade). Not Japan, where Yen carry positions have been unwinding since 1998/LTCM (and despite repeated attempts to halt the yen's advance). And not Europe anymore either, as the ECB doesn't seem to want to play along with the let's-pretend-there's-no-inflation game.

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