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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: Alex who wrote (4499)12/19/1997 6:51:00 PM
From: PaulM  Read Replies (1) of 116753
 
Alex whether or not cracks are forming, the $US is not as strong as you may think.

Short term, the downward pressure on the yen will continue, and would probably swamp the yen wihout BOJ intervention.

But--and this seems key in the short term--as a result of years of account surpluses with the U.S., the BOJ has mostly just dollars to sell to support the yen. Much fewer DM's I beleive.

So overall, the dollar should weaken, even if it strengthens against the yen. Despite all the uncertainty, I suspect European currencies will be viewed as the lesser of three evils in the coming days.

And eventually--maybe sooner than we think--investors will come to their senses, end all this silly geographic migration of capital and buy gold.

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