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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.67

+5.0%

Nov 10 4:00 PM EST

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To: Bobby Yellin who wrote (18781)	9/14/1998 7:01:00 PM
From: goldsnow	Read Replies (2) of 116753

More gloom....from Bill Fleckenstein site Herve Ferhany, president of the Bank of France, said that the bank has no intention of selling any gold. He also said, "gold is worth holding as a last resort liquidity asset " and "gold is a unique asset that is no one's liability." That is the most important thing to remember as we watch the bonfire of the currencies. Gold does have intrinsic value and is no one's liability. I want to share a scary quote by Alexander Lebed, a governor of a Siberian region, who has some serious pull in the new Russian government. He is commenting on the fact that millions of Russians are facing poverty and starvation. "The situation is very serious and very difficult. It is useless to ask people that receive a monthly pension of about $30 to wait a little longer; they will die waiting." He continued: "Military sources have confirmed that the army has already consumed more than 80 percent of the food reserves set aside in case of a war. The defense ministry advised its servicemen to fish, hunt and gather mushrooms in order to survive until the government could gather up enough money to pay wage arrears that date back months..." Tales of starvation and conscripts eating dog food regularly surface in the press. He also went on to say: "Some units are seriously considering scaling back to two meals a day, and after 26 years in the army a hungry soldier is an angry soldier." It also turns out that the agriculture situation is particularly dire this year because they have a potato blight and a poor grain harvest. The macro, global, geo-political situation is deteriorating rapidly. We are also seeing the Iranians amassing troops on the Afghanistan border. We are entering a very ugly period and those who pretend it is not so will regret that wishful thinking. stocksite.com

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