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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: PaulM who wrote (4867)12/28/1997 11:27:00 PM
From: JD  Read Replies (1) of 116759
 
Dines article on CBS Marketwatch calls for return to gold standard.

12/28/97
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A longtime believer in downtrodden gold, California newsletter writer James Dines, says the metal's tough times are contributing to Asian currency turmoil.

Gold this year fell below $290 an ounce for the first time in 15 years. Central bankers' sales of the metal are rattling gold investors.

"We predict that without the unifying standard that gold provides, these currency crises will continue with what we call Vesuvian tremors," Dines says.

"These currency crises will happen again and again unless gold is restored as the primary monetary asset," he says.

Dines says the prices of gold and silver are close to their "bottoms" and will soon rise, sending prices of depressed gold mining shares far higher.

Silver prices this week jumped to their highest point in a decade amid talk of hedge fund buying. Silver rose more than 2 percent Wednesday to $6.37 an ounce. Gold rose almost 1 percent to $298.20 an ounce.

And gold prices this month have drifted higher and are far closer to $300 an ounce than the $282.50 low the metal has already touched
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source: cbs.marketwatch.com
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