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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.47

+0.5%

4:00 PM EST

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To: gregor who wrote (21366)	10/10/1998 12:12:00 PM
From: Brinks	Read Replies (1) of 116752

This is a must read for gold: From here, this plague of liquidation appears to be spreading around the world. We are witnessing the massive deleveraging of our global financial economy. The degree of leverage is not known at this point and we certainly cannot see any relaxation in confusion or volatility. We can say that each market appears to be turning on its own investors with the intent of creating as much havoc as our human capacity for endurance can take. This means that the stock market decline is NOT over. We will see a rally first as the market attempts to squeeze out all the short positions. However, lacking fresh buying, the markets will then turn south with the speed of a thunderous crash. There will be NO flight to quality trades that survive in the global mess short-term. Forget about rushing into the metals. As reported on Reuters today, the new German government will no longer oppose IMF gold sales due to the fact that they need their own cash for home. This will lead to more selling from additional central banks as well as they themselves become caught up in the global liquidation crisis. Even the silver market fell like a stone today. Selling in the cash market of more than 12 million ounces already has sent silver down from $5.45 to $4.76. Those who have taken issue with our computer models on this market will curse the day they ever bought silver. Dealers continue to talk about possible Buffett selling. Tiger Management has also been a big player in the metals markets, which could now lead turn into another wave of liquidation. Everyone is now running out and buying puts on metals for fear that the next wholesale liquidation will hit this group sparing no one around the financial world. There is no place to hide other than cash for the moment. We are in the final stages of a global liquidity crisis and not a flight to quality crisis. In this atmosphere, cash rules. Must read for full script: pei-intl.com

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