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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Richard Mazzarella who wrote (198)6/13/1998 9:38:00 PM
From: Larry S.  Read Replies (2) of 972
 
Richard,

Barron's GMI was 366.52 on 6/11, down from 388.52 last week. With the POG at 288.52, the ratio is 1.27, down a significantly. The indicator significantly more bullish.

I appreciate your posting of your reading of the Forecaster. It looks to me as though it could turn short- and intermediate-term bullish in a day or two.

Barron's had two articles this week that are interesting. In her Commodities Corner, Cheryl Strass Einhorn observes that even Gold Funds are "abandoning" gold stocks. She says "many gold fund's top stock holdings today are not gold companies at all". This may be a good contrary indicator of a bottom. She also states, in error, that the ECB will hold only 10 to 15% of its reserves in gold. The ECB didn't announce a decision on reserves as has also been stated elsewhere. The only statement was a quote of the ECB head who indicated that the this was the consensus of the Governors but he was also quoted as saying that there had been no decision.

Gene Epstein's Economic Beat was also interesting. He suggests that Greenspan may be a closet Austrian Economics Theorist and discusses that different in magnitude of the CPI and growth of the money supply and measure of inflation. If understand him correctly, he suggests that Greenspan recognizes the "potential" for imbalances and suggests that "dealing with a nonexistent CPI problem is one thing, but avoiding a recession by keeping the expansion on track is quite another".

Last, there are a couple of new threads, started by Veneroso's associate Bill Murphy, that you and others that read this thread may be interested in but may not have encountered. These are "Dutch Central Bank Sale Announcement Imminent?" and "Gold's Six Month Base Near Completion".

Here's hoping next week is better for resource investments.

Cheers,
Larry
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