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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (716)3/23/2003 8:41:12 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I'm behind a week again but just as well. PMs have been in a correction. We must be near a bottom but Barron's devoted it Commodities Corner this week to a relatively bullish story on gold. The story was focused on how the liberalization of the sector in China "will tear down controls on the importation of gold, in turn bringing down the domestic price, which is likely to boost jewelry consumption". In another story, it was pointed out the China's consumption of oil will equal ours in ten years. The latter suggests that the next decade will see major changes in the world as we know it.

Lease rates continue to move the opposite of the POG suggesting that gold is still being leases and sold into the market to hold the price down; though the recent activity may have been no more than an attempt to take advantage of the reaction to the early successes in Iraq.


The GMI/POG ratio:

On 03/13, the Barron's GMI was at 413.59, down from the previous week's 437.81. With the POG down at 335.20(03/14), the ratio was down at 1.23.

On 03/20, the Barron's GMI was at 421.08, up slightly from the previous week's 413.59. With the POG down at 333.50(03/21), the ratio was down at 1.26.

The ratio a year previously was 1.36, substantially higher even though the GMI is much higher today.

Cheers,
Larry
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