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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Jack Clarke who wrote (4879)	12/29/1997 10:27:00 AM
From: Mike M2	Read Replies (1) of 116764

Jack, it may be premature to concede victory for the bulls because only a few will be able to get out at the top. Stock prices are so far out of touch with economic reality that an orderly decline may not be possible. To quote John K Galbraith " The only question concerning that speculation (1929) was how long it would last.sometime, sooner or later, confidence in the short-run reality of increasing stock values would weaken. when this happened, some people would sell , and this would destroy the realty of increasing stock values. Holding for an increase now would become meaningless; the new realty would be falling prices. there would be a rush, pellmell, to unload. This was the way past speculative orgies had ended. It was the way the end came in 1929. It is the way speculation will end in the future." JKG "The Great Crash,1929" pp. 174-5 Remember there is nothing new under the such. Mike

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