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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Bill Murphy who wrote (19994)	9/28/1998 8:08:00 PM
From: Crimson Ghost	Read Replies (1) of 116764

Bill: The highly respected GRANT'S INTEREST RATE OBSERVER now is very bullish on gold. A key factor behind the emerging gold bull which has hardly been discussed on the gold threads is the prospect of substantially lower real interest rates (nominal interest rates less inflation) Real rates have been quite high for some time and high real rates are very bearish for POG. In fact real short rates have risen recently as nominal rates held steady and inflation fell. Many are not aware of it, but real rates were very low and sometimes negative during the 1970s gold bull. Nominal rates were far above today's levels, but the all important real rates were well below current readings.

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