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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Dan P who wrote (695)10/17/2002 6:08:41 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I agree, there was/is too much bullishness in the gold market. And, I don't think it will attract new money of significance until either 1) the broad market breaks down to the point where the public realizes that the bull market of the 90s was an aberration or 2) there is major find that justifies a dramatic jump in the stock price of the company that finds it. However, if the manipulation were to stop and I don't see why it should, the price of gold might fly a bit and attract new money regardless. The one-year lease rate has gone from 0.62 to 0.85 % during the past few days while the POG has been dropping. It is clear that a lot of leased gold was sold to hold the price down.

I didn't find anything of significance to PMs in this past week's Barron's.

The GMI/POG ratio:

On 10/10, the Barron's GMI was 357.54, down significantly from the previous week's 386.70. With the POG also down at 316.85 (10/11), the ratio was down at 1.13.

The ratio a year previously was 1.05.

Cheers,
Larry
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