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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: Jim McMannis who wrote (14286)	7/9/1998 2:21:00 PM
From: Al Gordon	Read Replies (2) of 116756

Jim I think the doctor, in the case of the dollar can not let the dollar weaken.If the dollar weakens substantially,the U.S. will have instant price inflation.The way I see it right now is that the benign inflation enviroment that we have now is really a balance between strong inflationary pressures(rising asset prices,real estate, wages and service industry prices)and low commodity and import prices(especially oil and durables). So the inflation picture is like a rubber band being stretched at both ends and economists only measure the middle so that the mean inflation rate is "perfect".That is the the main reason that both Rubin and Greenspan have left rates pretty much alone for the last 15 months( a little tough talk to scare the market here and there).They are in a tough spot neither of them wants to be the one to burst any "bubbles".With so much in the U.S. now riding on the stock market they can't let the dollar weaken substantially now or there will hell to pay at home.Just a thought.

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