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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

4:00 PM EST

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To: philv who wrote (5861)	1/14/1998 7:00:00 PM
From: Crimson Ghost	Read Replies (2) of 116767

Phil: Gold is indeed more a commodity than a monetary asset as long as the greenback rules supreme. Asians are selling their gold to buy dollars. But when the day arives that the greenback is no longer king of the hill, then gold will regain its role as the monetary asset of choice. A very smart deceased economist (Eliot Janeway) said several decades ago that gold moves inversely to the currency of the dominant power. To that I say Amen! But even viewed strictly as a commodity gold has great upward potential with the price now below production costs for many mines. The yellow could well rally to the $350 area when European selling eases and Asian currencies and stock markets start to rally on a sustained basis. But a really big move to $400 or more is out of the question until the dollar's hegemony in global financial affairs is seriously challenged.

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