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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.06-1.4%4:00 PM EST
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To: Gabriela Neri who wrote (23599)11/30/1998 3:57:00 PM
From: Hawkmoon  Read Replies (1) of 116762
 
Well Gabriela, I can't say that I've lived in S. America for years (although I spent 5 months camping out in the Darien Province of Panama when I was with the military... :0)

But for someone who claims to have that much experience there, I would assume you would not be quick to mispell Colombia as "Columbia".

As for Venezuela, my contacts at the IMF and World Bank here in DC have expressed some measure of concern regarding their economy, as well as their politics.

As for being an irrelevant economy, I would suggest that Saudi Arabia does not share your opinion. And since we import a considerable amount of our oil from there, the US has a vested interest in stability.

The issue is not whether or not oil flows, but if the government creates the conditions for another credit crunch by pushing for a moratorium on their foreign debt. If they hope to continue servicing that debt, they will have little choice but to pump as much oil as possible in order to retain their market share.

I remember many analysts purporting that Russia was an irrelevant economy as well.

But that was before their default on $30 billion in debt sent shock waves through derivative markets back in August.

Hmmmm....

Regards,

Ron
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