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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.15

+1.5%

1:57 PM EST

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To: Jim Willie CB who wrote (111891)	1/30/2002 11:14:48 AM
From: Keith Feral	Read Replies (2) of 152472

Jim - a few comments. 1) Central banks need to produce cash flow, not speculative returns. Gold is no longer an underlying asset to support the value of currency like the days of the gold standard. Today, currencies are pegged to the oil standard. 2) World deflation is rampant. No argument there. International competition is running the world amuck. The change in accounting practices have inhibited the ability for companies to make strategic acquisitions until the value of smaller interest fall to low enough values where cash acquisitions. Poorly managed companies will go by the wayside with no interest. 3) Poor demand for gold may be the reason for decreased production. a) Proudction shortage is only a problem if demand shows up. b) The FED has devalued the dollar 11 times already this year by interest rate cuts. c) The world is always in search of a stable standard. A dollar is always going to be worth a dollar. It's a free floating currency. The only thing that can change the value of a dollar is if traders sell dollars to buy euros. The fluctuations in dollar values are constant. d) Forward selling is a hypothetical problem until demand shows up for gold. e) Gold is no longer a financial asset to support currencies. It would be difficult to imagine why people would return to gold in their portfolios. f) Anyone calling for a 400% return in gold in the next 2 years should be considered a speculator. g) Japan has been dying for 20 years. If Japan has to sell US Treasuries for cahs, there is no friggin way they are gonna turn around and buy gold. h) Saudi Arabia can buy all the gold they want. How are they gonna convert it to oil to provide energy? In short, gold is an emotional instrument that people turn to in times of crisis. Based on the twisted state of affairs, we are in a crisis. People are turning to gold for a short term fix.

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