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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (697)11/12/2002 6:56:54 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I have been busy and neglected posting last week but I will cover two weeks below. While there were several interesting articles in Barron's the past two weeks, I don't recall \anything of significance to PMs.

Lease rates continue to suggest that the POG is being held down through the sale of leased gold. It was clear that leased gold was used to counter the reaction to the rate cut by the FED. The POG jumped to essentially 324 just before the close today in NY. It will be interesting to see what happens during the next 24 hours. Will it be driven back down again?

The GMI/POG ratio:

On 10/24, the Barron's GMI was 373.58, up from the previous week's 365.41. With the POG up at 319.85(10/25), the ratio was unchanged at 1.17.

On 10/31, the Barron's GMI was at 413.36, up significantly from the previous week's 373.58. With the POG also up at 321.70(11/01), the ratio was up significantly at 1.29.

The ratio a year previously was 1.13.

Cheers,
Larry
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