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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Larry S. who wrote (864)7/6/2004 11:30:03 PM
From: Larry S.  Read Replies (1) of 972
 
Dan, et al,

I missed another week so I will post the GMI information for the past two weeks below.

There weren't any articles in Barron's this week directed at the POG but Newmont was the subject of one article and it contained some very bullish statements by management.

Lease rates seem to be headed back to their all-time lows. It is not clear to me that daily movement correlate (inverse) with changes in the POG as they a year ago but the very low rates make it clear the CBs are giving it away and this can only be to keep the price down.

The GMI/POG ratio:

On 06/24, the Barron's GMI was 576.67, up from the prior week's 552.94. With the POG also up at 401.50(06/25), the ratio was essentially the same at 1.44.

On 07/01, the Barron's GMI was 564.56, down from the previous week's 576.67. With the POG also down at 397.75(07/02), the ratio was essentially unchanged at 1.42

The ratio continues in the middle range where it doesn't suggest a rise or drop in the POG.

The ratio a year ago was 1.49. The GMI a year ago was nearly 520, only a little below today's level. Let's hope that the past year has been the pause the refreshes and that the market regains its upward momentum.

Larry
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