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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: long-gone who wrote (4414)	12/18/1997 9:59:00 AM
From: PaulM	Read Replies (4) of 116753

I won't comment on whether gold is turning now except to say there are a number of favorable indications apart from price and I'm happy to back up the truck at anything under $300. Also, whether or not gold falls in the short run I remain convinced we are now in a long term bear DOW and gold/silver bull. The dollar should go down to 120 yen in the relative short run since that's the Japanese stated policy. They obvioulsy have the power to make it a reality. Longer term (not much longer though) the strength of the dollar versus the yen will not depend so much on the strngth of the U.S. economy vs. Japan's but on Japan's and other foreigner's need to sell dollars and dollar deniminated assets. These folks have made lots of paper profits and the time to cash in is coming soon.

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