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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: goldsnow who wrote (5606)	1/12/1998 4:02:00 PM
From: Crimson Ghost	Read Replies (2) of 116758

The dollar's direction is still up and only a massive G-7 intervention will be able to desively reverse the process at this point. Hopefully soon. Gold stocks smashed again today despite stable gold price. Very bad action. That article on the dollar mentioned that the real problem in Japan is the reluctance of the government to use public funds to bail out the banks. Talk about free markets! Only for the poor and middle class -- the big boys cannot be allowed to fail. Here we have a key factor behind the U.S. equity bubble and gold bear -- big money is very confident they will be bailed out if the going gets rough. Who needs gold under these conditions? Of course when the public finally revolts against this "socialism for the rich", gold will shine again. The closing rally by the Dow almost certainly signals a rally in many overseas equity markets tomorrow. Probably won't last long, but many international funds should bounce nicely for a day or two.

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