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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (822)12/8/2003 10:29:40 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

TheAndrew Bary's column in Barron's this past week was about gold mining stocks and was entitled "Too Precious". It was relatively bearish and generally characterized the sector as overheated. He ended with the thought that, if you have to invest in the sector, buy bullion itself.

The lease rate action for gold continues to be interesting. The one-year rate is down to 0.33 percent. It is not clear to me what is going on, on a day to day basis, but it is clear that CBs continue to assure an adequate supply and that demand is limited.

Note below that the GMI ratio is still below the level that is suppose to indicate an overheated condition. The website with the analysis of the ratio is:
essextrading.com.

The GMI/POG ratio:

On 12/04, the Barron's GMI was 716.04 up from the previous week's 714.46. With the POG up more at 402.40 (12/05) the ratio was down slightly at 1.78.

The ratio a years ago was 1.28.

Larry
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