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To: Gottfried who wrote (912)	7/18/1997 7:36:00 PM
From: Herb Fuller	of 1894

Gottfried , Re:>>What makes the $300 gold level so important?<< Gottfried the overall cost of producing gold is in the mid to upper $200 level . When the market price for gold moves to the production cost level it is telling you that there is no inflation , in fact we are into a deflationary period . Deflation causes prices to fall and it is very hard for corporations to control cost and maintain profit levels in an deflationary environment . We , in this day and age , do not understand deflation and how it effects overall business . We have not experienced deflation since the 1930's . I guess we will have to go to our history books to fully understand deflation . The one big thing that inflation has done for us in the last 55 years is it has allowed us to pay off our debts with cheaper dollars . Can you imagine how it would be if we were to pay off our debts with dollars that are deflated . I am going to watch the gold price myself and the $300 level will be my indicater . Herb

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