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Gold/Mining/Energy : Gold Price Monitor
GDXJ 142.09+5.5%Jan 22 4:00 PM EST
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To: PaulM who wrote (18290)9/9/1998 11:39:00 PM
From: Terry Rose  Read Replies (3) of 116906
 
Paul, So much for the Greenspan rally. This quick sell-off may explain why drug companies are not correcting. Prozac which is an anti-depressant and made by Lily is rumored to be added to the water coolers at the Wall Street ivory towers. Greed and fear are two very powerful emotions. Now these 20 something wiz kid fund managers are staring at the abyss. I am convinced that the yen-dollar trade is their Achilles heel. Even Japan's .25% rate decrease cannot save them. What a joke dropping interest rates to this level why not go for broke and just give the money away or pay us to hold on to it.

At any rate gold is up 2$ and the yen 1 to the dollar. The dollar index is down hard and Dow and S&P futures down also. I think that we take out 7000 on the Dow in short order.

I have one thing that I would love to know. Is the Fed selling dollars and buying the Euro or more gold? Greenspan's comment that he does not think gold is all that important is bizarre to say the least.

I am very tempted to buy oil stocks if Clinton plays his Iraq wild card. Oil, natural gas, gasoline, soybeans are all up tonight.

I showed some people at work the articles you posted on the yen-dollar carry trade. I think that the light finally turned on for them. I certainly hope so.

Terry,
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