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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: Crimson Ghost who wrote (5054)1/1/1998 1:45:00 PM
From: John Stopforth  Read Replies (1) of 116753
 
George

Very nice take on the gold situation I agree with you.

To add to what you are saying I believe the US dollar will weeken
sooner than people think. The US dollar has gone up to every
currency in the world, 100% to the Korean won, 30% to the Japanese
yen and 7% to the Canadian dollar, the largest trading partner of the
U.S.
Because of the dollars increase, earnings for most major US companies
will go down or remain flat due to the currency translation.
The stock market will react negatively and the Federal Reserve will
be forced to reduce interest rates. They will however only reduce
rates slightly at first, they should have reduced rates in December, too little to late.
A second reduction will be neccessary to stop the market slide and
investors will see this as a panic move and the dollar will weeken.
Due to the lack of confidence of investors and a weeker dollar, gold
will go up. I'm not sure how much but it could be substantial.
The short position on gold is hugh, mines are shutting down and
gold production hasn't kept up with demand.
I've been buying selective gold producing companies for the first
time in a year. I'm buying companies with the most leverage, those that are losing money right now and whose shares reflect their poor
financial health.

Happy New Year
John
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