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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

Nov 26 4:00 PM EST

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To: goldsheet who wrote (88301)	7/24/2002 11:43:53 PM
From: Real Man	Read Replies (1) of 116768

Gold has been weak since the beginning of June against the basket of G7 currencies. Perhaps, it's related to seasonal factors. Another factor is the weakness of Indian rupia against G7 currencies, which makes gold expensive for the most important consumer. The dollar has started to roll over a bit in rupia terms. Not much, though -looks like a rounded flat top in the past couple of months. The most important silver consumer is China, which has a currency pegged to the dollar. Since China manufactures and exports a lot of cheap goods, I guess, weak dollar has a lot more deflationary effect on the rest of the world than we would like to think.

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