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Gold/Mining/Energy : Gold Price Monitor
GDXJ 94.04+0.6%4:00 PM EST
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To: PaulM who wrote (7757)2/21/1998 12:55:00 PM
From: Michael  Read Replies (1) of 116764
 
Re: Your points;

1. Money supply increases generally correlate with gold price increases. Makes sense. Money supply up, dollar value down, gold (in dollars) up.

I think I've already covered the money supply issue in my other post. Furthermore if you go to :

tfc-charts.w2d.com

and take a look at a number of commodities you'll see that Gold's decline in the last few years is by no means unique. I'm sure this signifies something though I don't know what. Perhaps the deflation school is right after all, though how that squares with 11% M3 growth I don't know.

2. The anonymous one said that gold could never stay below $280 for a significant time.

I saw this and was impressed with the confidence with which he made the statement, though not the statement itself. It doesn't take a genius to figure out that a price at which the average miner makes a around a 15% loss is not one that can last for long. Though to be fair there were a lot of people talking about lower bottoms before it turned. So score 1 for him.

3&4 "Oil" has now "locked" the Cb's and IMF's gold from physical sales of significance (to anyone else that is).

I find it hard to believe that the big CBs would ever agree to this kind of deal. When do they deliver. How are they going to justify the transfer to their electorate.
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