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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (680)7/28/2002 10:50:50 PM
From: Larry S.   of 972
 
Dan, et al,

I didn't find any significant mention of PMs in Barron's this week. Rukyser and Kudlow seemed to enjoy commenting about the fall in the POG last week. However, I caught a segment of a financial show on Saturday and some young Fund Manager was touting gold and bonds as the place to be for the next year. In addition, there seems to be a general view that the dollar will resume its fall.

The action of lease rates continues to be interesting. Every rise in the price of gold had been accompanied by a reduction in the one-year lease rate and visa versa. However, the lease rates jumped midweek when the POG took a significant hit. This could suggest that the demand for gold has weakened a bit and it may be necessary to build a new base before another attempt is made to move above 325. The Bullion Banks may delay further leasing until demand returns. In which case, the lease rates could fall with the POG.

The GMI/POG ratio:

On 07/255, the Barron's GMI was 362,30 down very significantly from the previous week's 428.04. With the POG down significantly at 304.95 (07/26), the ratio was down at 1.19.

The ratio a year previously was 1.12. Note while the ratio was almost as high as this week, the GMI and year ago was substntially lower at 297.

Cheers,
Larry
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