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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.95

+0.8%

Jan 9 4:00 PM EST

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To: Abner Hosmer who wrote (319)	7/8/1997 8:19:00 PM
From: Bobby Yellin	of 116846

there is no mania going around...spoke to a friend yesterday who told me cab drivers,secretaries,and everybody else is into buying and talking about stocks...he himself told me that gold was dead..that his friend Arch Crawford has been wrong wrong wrong and that I should get into the market...another friend told me to get into safe index funds.. today I heard Hugh Johnson,Peter Munk, and John bollinger say that gold is coming back.. I totally agree with what you wrote...(also thanks to John!! and Mike!!)... somebody whom I respect greatly yesterday told me that the US corporations were getting rid of liabilities by buying in their shares..(I will look like a huge fool if the Dow goes to 20,000 next year and interest rates head down to five) .I questioned that way of viewing it...why buy at these high prices...why not float more debt with such low interest rates and invest the rest in short term treasuries...so many wise people are saying that the blue chips are overvalued and they are having a very hard time in good conscious continuing to buy.. also Australia really does seem quite upside down...great...they will be able to collect interest when they buy bonds with the money they made from selling their gold reserves...wonder if the interest will cover all the lost revenues from so many workers who will be out of a job and will pay no taxes and will shop less and cause less revenue from stores ad infinitum...wonder who these central bankers are really protecting...(maybe they like to keep the IMF etc employed and create hardships in underdeveloped countries so that they can look like the good guys and "bail them out" after tanking them...(oops) even the Bank of Japan's judgment leaves me dazzled...if they have already lost 22 billion by buying our assets...what are they aiming for...if they started announcing that there were going to buy gold that would put a floor in for the price of gold...bring money back into their economy instead of just having their money earning interest abroad and funding the US debt which should later clubber them MORE and just start paying more attention to the emerging countries near them and possibly subsidize their corporations to make their goods very competitive instead of subsidizing the American government.. I know...keep it simple and dispense with fundamentals and just follow momentum investing and hope you are nearest the door...everybody knows but nobody cares?

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