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Gold/Mining/Energy : Gold Price Monitor

GDXJ 126.14

-0.1%

4:00 PM EST

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To: Crimson Ghost who wrote (69247)	5/16/2001 12:36:23 PM
From: Rarebird	Read Replies (3) of 116855

At some point moving forward, it may well be necessary for Japan to sell up to $US 1 TRILLION in U.S. Treasury debt in order to fix its financial malaise. Why? The answer was given by two extraordinary events, a week apart, inside Japan. On Wednesday, May 2, the Bank of Japan hit the ultimate wall in their attempts to inject new liquidity into the Japanese banking system. To their horror, they found that the Japanese banks WOULD NOT ACCEPT this additional liquidity, arguing that they had no-one to lend it to. This is the pushing on a string syndrome taken to its ultimate conclusion. The exact same thing happened again on Wednesday, May 9. If the Bank of Japan cannot inject liquidity into the Japanese system through the banks, it has only two stark alternatives left. Either it can monetize Japanese government debt paper, or it can bite the bullet and begin to repatriate capital held overseas - notably in the form of U.S. Treasury debt paper. Got Gold? Got Guns? Got Guts? Got Gold Stocks?

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