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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Alan Whirlwind who wrote (66273)	3/20/2001 4:58:39 PM
From: Michael Collings	of 116764

Ahahha: I am trying to understand your point... I looked at your data and now could you tell me when was the last time GNP grew at a 8, 9 or 17% rate? Also are you aware that money market funds have increased according to US Treasury figures by the same 33% in the last 36 weeks that Noland states? Money markets are debt instruments. Are you also allowing in your numbers, the expansion of GSE credit. Or brokerage firm credit? You can't just take one number and say "see this proves my point." Surely, you can't believe that the Fed is in control of all this. He can't control the current situation nor does he have any options at this point. The economy is faltering; its either lower rates now or plunge headfirst into a depression. He has no choice at this point. However, down the road we are likely to see the spread between short and long rates widen substantially along with a huge spread between treasuries and corporate debt. There's no way out. 100 trillion dollars of derivative products floating around the world is an explosive problem.

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