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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.03

+3.0%

Nov 7 4:00 PM EST

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To: Crimson Ghost who wrote (13587)	6/21/1998 12:58:00 PM
From: PaulM	Read Replies (2) of 116753

George, FWIW, the Nikkei has wanted top go much lower for some time. It seems unreasonable to bet on a market which is artifcially pumped to rosy up bank books. It is also unreasonable to bet on a currency that iwould be plumetting by the day, but for central bank intervention. And remember that the yen was trading at over 200 to the dollar in the 80's. It may have a ways to go. Consider that Japanese banks--already burdened with huge amounts of bad debt--have the equivalent of 3 or 4 Mexico type crises to deal with in their backyard. A real rally in Japan is unlikely to materialize until the Nikkei has had a chance to go where it wanst to first. Which is to say, much lower. It will probably take global ecoomy with it. As for the U.S., contrary to conventional wisdom, its fundamentals aren't robust enough so that it can afford to be the global economic savior.

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