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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: Jeff Redman who wrote (20003)	9/29/1998 1:15:00 PM
From: Richard A. Green	Read Replies (2) of 116764

Alex, Jeff - Thanks Jeff - The hype about the y2k bug is so overblown as to be ridiculous. Virtually all of the critical systems in Fed Reserve, Social Security, and other agencies are y2k compliant; credit cards are virtually all compliant except for some small stores that haven't upgraded their point of sale programs (most all have done so because the credit cards with 00 and 01 are and have been in use since last year). Virtually all mainframe operating systems are compliant, as are most of the communications networks and LANs between users, including the internet browsers. Some interfaces between companies and service providers still need work. Power grids for the most part are not dependent on computers and date rollovers (altho customer usage and billing may be in need of some upgrade, but even most of these programs are new technology that is compliant). The worst case scenario today is that employees get paid from the previous pay tape with adjustments the following pay cycle. People should not buy newsletters that take the issue to such bizarre extremes - they are being needlessly worried and advised to take steps such as hoarding food and buying ammunition that are not in their best interest - indeed such strategies are almost certain to increase personal risk rather than reduce it. While there are risks in the market today (and I do believe that there will be a correction), the primary risks are NOT from y2k bugs; rather they are from imprudent investment decisions based on erroneous information and hype to sell newsletters. (Case in point there is no such date 9999 - month and day fields are two digit fields - so a six digit date field that was commonly used in COBOL of the 60's would appear in the computer as 090999.) Thanks for helping to dispel the myths. Additional resources/info at <http://www.nist.gov/y2k/> Best wishes, Richard A. Green

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