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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.04

+0.4%

Nov 11 4:00 PM EST

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To: goldsnow who wrote (14315)	7/9/1998 8:00:00 PM
From: Ming	Read Replies (1) of 116753

Intervention is an effective short-term measure, but will do little if it is not backed up by concrete measures. The U.S. made a minimal purchase of $2 billion in yen during the latest intervention, and that scared the Yen back from 142 to 136. however, it can intervene politically to pressure Japan. Everyone knows what is at stake here, including even the Japanese politicians, who aren't reputed for their wisdom when it comes to dealing with the economy. Unless they surrender to the market's terms, the latter will have a free license to short the Yen. The U.S. can alleviate any speculative attacks temporarily, just in time for the Japanese to act and save their rears. None of this is positive in any fashion for gold. POG will be volatile, and if Hashimoto does not appease the markets, it will resume its decline. I still do not see any short-term factors which will lead me to be bullish on gold yet.

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