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Gold/Mining/Energy : Gold Price Monitor

GDXJ 119.08

-0.8%

4:00 PM EST

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To: goldsnow who wrote (3088)	11/13/1997 12:35:00 AM
From: CIMA	Read Replies (1) of 116822

I'm not a big believer in conspiracy theories, but it seems too coincidental that the G7 central banks and others in the western economy have come out in unison re gold sales as they try to control the fallout of the Asian currency crises. If it was 1980, interest rates would be going through the roof to protect the currencies. People would be fleeing to hard assets, creating $800 gold and the Hunt's $50 silver. In order to circumvent a panic, central bankers are keeping the lid on gold, the historical safe haven. It remains to be seen if they can avert a recession by keeping interest rates low. It's getting ugly, but so far it appears their concerted efforts may work. It's inconceivable to think they aren't talking to each other re damage control. Gold becomes a victim in this scenario but well worth the price given the alternatives.

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