Precious Metals mutual funds (gold, silver, PGMs) Message Board

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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)

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To: Larry S. who wrote (691)	9/21/2002 10:16:16 PM
From: Larry S.	Read Replies (1) of 972

Dan, et al, This past week's Commodities Corner in Barron's was devoted to a general discussion of commodities and painted a less than bullish picture for industrial commodities - inventories remain high. However, Bart Melek at CIBC sees a rise this year in the POG to $340 to $350 a troy ounce, arising from a long-term combination of reduced central bank sales, producer selling discipline, a weaker dollar and investors moving beyond equities. I hope Melek is right but I don't see how it is going to get through the 325/330 level unless the supply of gold to lease is reduced and the lease rates suggest that the supply is more than adequate. The GMI/POG ratio: On 09/19, the Barron's GMI was 434.81, down slightly from the previous week's 438.55. With the POG up significantly at 322.30(09/20), the ratio was down at 1.35. The ratio a year previously was 1.12. Cheers, Larry

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