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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

Nov 11 4:00 PM EST

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To: Bobby Yellin who wrote (23522)	11/28/1998 1:39:00 PM
From: PaulM	Read Replies (1) of 116753

IMO, everything the govt does creates winners and losers in a zero sum game. That's because neither Greenspan nor Clinton nor Congress concern themselves with building homes, making cars, growing food or designing microchips. So it seems to me every govt action is made in the context of real wealth remaining fixed in the short run. A weaker dollar benefits exporters at the expense of importers and savers. Govt spending to "stimulate" the economy benefits industries whose products the market otherwise wouldn't want, at the expense of taxpayers. My long winded point is: the interest rate cuts had one impact on leveraged speculators and the stock market, and ultimately a very different impact on, for example, fixed income recipients. Official employment figures--if they are to be believed--virtually did not change at all during the market drop. So who do you think Greenspan was trying to save? Have you ever seen the FED fret over a wave of downsizing? B, as for Europe, if the dollar isn't supported by foreigners, it will collapse. The gold short position wouldn't survive such an event.

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