Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (3623)	7/31/2002 6:40:20 PM
From: jjkirk	Read Replies (1) of 89467

Extract from Jim Puplava's Jul 30 Commentary: "...............In the same piece last night, the well-respected anchor, Lou Dobbs, said it amazed him that gold had been going up in this kind of low inflationary environment. He was flabbergasted by the fact that investors were buying gold. Dobbs doesn’t understand that gold does well in either an inflationary or deflationary environment. The financial community has failed to take into recognition that gold is rising in all markets across the globe. Gold is rising against the yen, the euro, the Swiss frank and the dollar. For the first time since the 70’s, investors are fleeing paper assets and heading into things, especially gold and silver. There has been a synchronized rise in gold prices against major currencies around the globe. This movement reflects an inflection point in the markets that runs counter to prevailing investment attitudes towards the markets. The rise in gold is signaling that major trouble lies ahead for the financial markets and the banking system. "Since this bear market began, fund managers have been fleeing the markets and going into bonds. This has helped the Treasury market rally. It has also replaced the drop in foreign investor demand for Treasuries. The next shock to the financial markets is going to come from the bond market. When investors wake up to the fact that treasuries are offering very little in return, especially against dollar depreciation, the final prop in the financial markets will have fallen. "Talk about the bull market in gold being over will be proven just as shallow as the repeated calls for a second half recovery over the last few years. Anyone with a bit of knowledge in reading charts can see this reflected in the price of bullion and the price of gold and silver equities. The summer rally will be with us only for a short period of time and then the primary trend in this bear market will continue -- this time in full force. As mentioned so many times, not until the excesses of the 90’s credit boom have been cleansed from the financial system and values are restored to the markets will we begin a new bull market in stocks. When you see your neighbor forswearing to ever invest in the markets again, we will be close to reaching a bottom..........." financialsense.com

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