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Gold/Mining/Energy : Gold Price Monitor

GDXJ 118.97

-0.9%

Dec 24 4:00 PM EST

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To: Enigma who wrote (12103)	5/23/1998 11:32:00 PM
From: Terry Rose	Read Replies (1) of 116823

enigma, Even though U.S. banks and brokerage houses are not under the same roof the mutual funds and banks are intertwined. Funds have a line of credit with banks using their stock portfolio as collateral. This is why a 20-25% correction is critical mass time. Once approaching this level of correction with the losses from refunds and value in stock prices the mutual funds approach non-performing status with their line of credit and must sell into a down market. The Fed knows this and will intervene in the S&P futures contracts after the 10% correction level is taken out. The big question is will this intervention continue to work? Greenspan must have an occasional nightmare about what happens if it doesn't. Are the Canadians participating in this mania? Terry,

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