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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (652)4/30/2002 8:18:43 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I almost forgot to post this past week's GMI and it was special if you read Barron's. EInhorn wrote the Commodities Corner this week and it was all about bold and bullish. I never thought I would see the day when EInhorn had something good to say about gold. Among others, she quoted Randall Oliphant, Barrick Gold's chief executive, as saying that the price would continue to rise. She suggested that the change in attitude of producers was primary reason for the improvement in the price - reduced hedging. However, she didn't mention the carry trade and the fact that it doesn't seem to be working any more. The lease rates are as low as I recall - meaning there is plenty available to lease - and the supply of physical gold apparently hasn't been increased. Once an activity like the carry trade starts to reverse, everything changes and it continues to unwind. The word gradually spreads and one after another organization the is short will cover forcing the price higher.

The GMI/POG ratio:

On 04/25, the Barron's GMI was 439.00 up from the previous week's 412.44. With the POG significantly at 306.60 (04/26), the ratio was up at 1.44.

The ratio a year previously was 1.18.

Cheers,
Larry
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