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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: banco$ who wrote (23710)	12/1/1998 9:31:00 PM
From: Gabriela Neri	Read Replies (1) of 116759

Exactly. It is indeed ominous that Boeing reveals that the Asian crisis has forced it to retract to such a large degree. Combine this with the price of oil and the changes it is imposing on the oil giants, and it is easy to understand the severe impact that this region is having on overall global demand. The market is still interpreting news in the "glass is half full" mode. This can change in a New York minute, and probably will. Greenspan foresaw the dramatic threat to US and global growth which is why he lowered rates. Now, we are just witnessing the events which he knew were going to occur-a slowing in economic growth. So, the real big question is not if we slow down, but how much we slow down. Even Greespan most likely has no clue about that. Just like the major oil producing countries were praying for an oil price recovery, so must the US treasury and fed officials be praying that the slowdown is not too dramatic. We now know that the oil producing countries prayers were not answered. Is this an omen?

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