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Gold/Mining/Energy : Agnico-Eagle Mines Ltd. - AGE (U.S. AEM)
AEM 196.60+3.8%Feb 6 9:30 AM EST
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To: Robert J Mullenbach who wrote (1306)1/12/2001 9:23:47 AM
From: Robert J Mullenbach  Read Replies (1) of 1612
 
I hate to say it, But I just love this Guy on SIliconInvestor , right in our own back yard.

I hate to say it because, I hate to rain on their parade, 3 bears are hibernating right now.

siliconinvestor.com

We bring good things to blight. . . The utility index was being pounded all day as California utility
problems hit the tape. California power officials said that blackouts were possible and folks I know who
live there were saying the very same, which made it particularly interesting when the I.E.A. issued a
warning about the global energy markets. Colin sent me the following e-mail, which provides a little
analysis and puts the situation in perspective with the present stock mania:

The I.E.A. is warning the global energy markets are not "set up" for OPEC production cuts
and they could have "unexpected impact." Crude is already near $30. Why should OPEC
settle for less than $30 or $35 or any other price if the Fed will simply print money every
time the Nasdaq falls? Hey, the U.S. can obviously afford $35 oil if people have money to
buy the Nasdaq at 130 P/E protected by the Fed, right? The companies who use the oil,
however, will see their earnings evaporate from rising energy prices and the rising cost of a
labor force that will see any new rally in stocks as a basis for "confidence" to ramp up their
consumption again for as long as their credit cards aren't maxed out and new ones are
arriving in the mail everyday. If trouble comes, Al will print more $.
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