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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.44

-1.2%

Nov 14 4:00 PM EST

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To: Enigma who wrote (10513)	4/24/1998 10:44:00 AM
From: Jim McMannis	Read Replies (1) of 116762

In 1987, if I remember correctly, the XAU peaked at about 157 in September. On October 19th, the day of the crash the XAU was actually holding up nicely until noon. Then the XAU dropped like a rock. The crash point was somewhere about 130 but I'd have to look again to get the exact numbers. It' been my contention that there was a slight flight to gold early but it gave way to the reality that the market crash would ultimately be deflationary and not good for gold stocks. There is also speculation that gold stocks were sold to cover losses in other securities. The fact that physical gold held up a lot better than the XAU may lend some creedence to this but I favor the deflation idea. I can give you the exact numbers if need be. Jim

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