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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (857)5/14/2004 11:03:18 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I'm posting this to cover the past two week's Barron's GMI. I have been tied up and had neglected to post. I will try to post tomorrow's data promptly. I don't recall anything of particular significance to PMs in Barron's either of the past two weeks. But my memory is not very good. Epstein took time off from writing his book to write last week's Economic Beat column and argued that the economy is improving as he expected.

Lease rates continue to be very low and Kitco hasn't been very reliable in posting them; so the data I have isn't telling us very much about the extent that leased gold is impacting the price. However, there were a few days during the past two weeks where they were significantly higher the morning after a significant drop the POG. Someone must be convinced the dollar will continue to rise and that interest rates will not rise - belief in the tooth fairy.

The GMI/POG ratio:

On 04/29, the Barron's GMI was 530.24, down significantly from the previous week's 579.81. With the POG also down significantly at 388.50(04/30), the ratio was down at 1.36.

On 05/06, the Barron's GMI was 531.61, up slightly from the previous week's 530.24. With the POG also down significantly at 380.80(05/07), the ratio was up at 1.40.
The ratio continues in the middle range where it doesn't suggest a rise of drop in the POG.

The ratio a year ago was 1.33.

Larry
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