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Gold/Mining/Energy : Gold Price Monitor
GDXJ 105.33+5.2%Nov 26 4:00 PM EST

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To: Tom Byron who wrote (8262)3/12/1998 9:26:00 PM
From: Abner Hosmer  Read Replies (1) of 116770
 
Tom -

The Fed said in their Humphrey Hawkins report that a lot of the increase in M3 over the last months is institutional money coming back from Asia. I mention this only to point out that the sole fact of an increase in the numbers for M1 M2 or M3 forms an insufficient basis from which to extrapolate broader conclusions about the economy. One should also examine the cause of the increase in order to consider these numbers in context. It is possible to see a large increase in M3 without the Treasury having printed a single note.

regards - Tom
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