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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: yard_man who wrote (63206)	11/27/2000 9:56:44 PM
From: Zeev Hed	Read Replies (2) of 99985

tippt, funds will flow to treasuries, if the dollar is still strong or to debt of other strong currency countries. As for gold, the supply demand equation is complex, I have heard of yearly shortage of more than 25% of yearly production (and recycling). The point, however, is that there is a very large overhead supply of close to 20,000 tons (vs annual production of about 2000 tons, from memory) from central banks. some of these CB gold is coming to market every so often (particularly when gold gets close to or just above $300/ounce. I have argued that the monetary role of gold has long been abandoned by the CB's (for obvious an reason, tying the world economy to gold will doom the world to perpetual inflation). They never told us about this decision formally, but by now, we should have understood, seeing all the CB selling heir gold on any rally. Zeev

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