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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: PaulM who wrote (10444)	4/23/1998 2:01:00 AM
From: ahhaha	Read Replies (2) of 116764

The only reason that BOJ dollar selling has had the impact that it did was because there is a propensity to inflate here and abroad. Without that bias there could be endless sales of T-paper by FED for their favorite customer and no price effect would occur. That would mean that Americans including institutions expected a disinflationary environment to persist and were willing to buy all supply at the ask. Things have changed. Strikes are rising. Time to pull in your horns and let the dealers swim in the supply. At some point the FED has to relieve them of their growing paper coffers, but that has the effect of base growth. They sure don't want that to be happening now. How to hide the evidence? Maybe the BOJ can do reverses short term. No, they have drawn the deflationary limit line , so the FED will either have to let the BOJ raise our short rates or they will have to monetize the factorization. You keep hearing guys like Poole, Meyer, Beebe, and Ferguson, repeatedly warning that something must be done. This is a prep for the break. First the brake then the break. But they will do it peu a peu. And gold will go higher. Ugly and glorious for us longs.

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