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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: Crimson Ghost who wrote (14301)7/9/1998 5:56:00 PM
From: Al Gordon  Read Replies (3) of 116756
 
George:I agree.There are so many interconnected catch 22's going on right now in this global economy that it's impossible to come up with a clear picture(for me anyway)of which way things will unfold.I mean you have the Euro,Y2k,massive currency devaluations,stock market bubbles here and Europe,deflation in some places,hyperinflation starting in others and then throw in the biggest wild card Japan.My own personal opinion on Japan is that the dyke that has been holding back the water these last few years will finally give way.All the rhetoric from their government and Rubins intervention in the currency markets last month,is just putting another finger in another hole in the dyke.Japan could sell the U.S. debt it is holding but in doing so they would destroy the market that is allowing them to barely hang on.It would be suicide for them.Eventually the debt and bad loans they have are going to sink them.Even non-action has a price.
When push comes to shove however it would be highly unlikely that Rubin will support the yen at the expense of devaluing the dollar significantly.So the dollar will continue to strengthen probably for the rest of this year which probably won't help gold a whole lot in the near term.:(
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