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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.88

+0.9%

Nov 18 4:00 PM EST

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To: philv who wrote (8098)	3/6/1998 6:54:00 PM
From: William JH	Read Replies (1) of 116762

philv - no big deal, but the dividend yield has changed in the market because most investor would rather have a capgain than a dividend. (I'm in the 28% fed and 8% state bracket, and I can tell you that I'm not looking for dividend paying stocks). I think the typical PE range is around 18 x 1, with 11 x 1 near the low end historically. PE's are also affected by interest rates, which are of course very low right now. PE's contract when rates rise. Book values have also changed much. Technology companies will never have the book values of the old heavy industry companies of the 1950's. I'm not saying that the stock market is not overvalued, just offering some perspective.

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