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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Zardoz who wrote (22131)	10/22/1998 1:03:00 PM
From: Mark Bartlett	Read Replies (2) of 116779

Hutch, What is the difference between what AG is doing with M2 and lowering rates and what Japan did for the last several years ... unsuccessfully I might add? Seems to be this controlled creation of liquidity will only work for so long ... sooner or later real economic growth must ensue .. i.e., meaning a demand for goods/services etc. This process of taking money from the bond market so that it can flow to the stock market is IMHO a flight to higher risk returns - that may or may not be based on sound economic principals. With Q3 not looking so good and the presently high PE's - I would suggest this economic transfer is a postponement of the inevitable .... that is a falling stock market. Sooner or later even the "safe" paper instruments are going to be called into question as this process unfolds. Thoughts? MB

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