Precious Metals mutual funds (gold, silver, PGMs) Message Board

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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)

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To: Larry S. who wrote (900)	12/17/2004 5:27:11 PM
From: Larry S.	Read Replies (1) of 972

Wade & Dan, et al, Here it is Friday and I haven't posted last week's GMI bit. I don't recall anything of significance concerning PMs in Barron's last week. Lease rate patterns over the past weeks haven't shown any short-term correlation with the POG. The slightly higher rates could simply reflect the expected continued increase in interest rates. I'm not sure what it means but it is clear that BBs are no longer leasing gold to cap its price. I suspect that they have come to the conclusion that the dollar is headed lower and the POG is headed higher. The GMI/POG ratio for the past week: On 12/09, the Barron's GMI was 650.59, down significantly from the week before's last 674.51. With the POG down at 434.00 (12/10), the ratio unchanged at 1.50. The ratio continues in the middle range where it doesn't suggest a rise or drop in the POG. It is clear that there is very little speculation behind the price of stocks at this time. The ratio a year ago was 1.72, indicating a higher level of speculation at that time. Larry

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