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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (78523)11/10/2000 7:51:16 PM
From: Crimson Ghost  Read Replies (1) of 95453
 
Blaming all gold's problems in the ESF is a little too pat. The gold market is relatively small and the ESF would be powerlesss to keep the price down if substantial investment demand existed. The fact is that such demand has virtually vanished and capital no longer views gold as a safe haven in times of turmoil.

With most market participants (Larry Kudlow excepted) well aware that for whatever reason gold no longer provides accurate inflation signals -- keeping gold down to disguise rising inflationary pressures does not make sense.

Now all this could change at some point. But right now gold looks like a bottomless pit. Unless investment demand revives at some point we COULD go a lot lower.

Even a drop in the dollar probably would trigger no more than a brief $10-20 bounce in current circumstances.
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