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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Wally Mastroly who wrote (236)9/20/1998 5:05:00 PM
From: Larry S.  Read Replies (2) of 972
 
Wally,

Barron's GMI was 355.60 on 9/17, down from 357.78 last week. With the POG up to 290.10 (9/18) the ratio was 1.226, up lightly from last week's 1.220 and still strongly suggesting that gold stocks will be a lot higher by the Fall of 99. However, as Richard suggested last week, the conditions we are experiencing today may be different from conditions during the time for which there is a history for this indicator and we may experience much lower values before we see a better market.

Thank you for calling to our attention the projections of Gold Fields Mineral Services for continued CB sales of gold. I believe that their projections are the same as were stated at the NY Mining Investment Conference the end of May. There appears to be good reasons for such sales but, if you follow, Bill Murphy's comments on other threads, you will see that he believes (and therefore I assume Veneroso believes) such sales are coming to an end. I don't mention Murphy to suggest that he is right and Gold Fields Mineral Services are wrong, but rather that there are different views. Regardless of who is right, I would like someone to explain why CB sales are more important than CB loans since the latter are directly tied to forwards sales, which I believe have been much larger than CB sales during the past few years.
Cheers,
Larry
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