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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Hawkmoon who wrote (25002)	12/28/1998 10:45:00 PM
From: PaulM	Read Replies (3) of 116764

Appreciate the thoughtful post. IMO CB, govt attitudes toward gold aren't uniform. Like you, I take nothing at face value. But I also think that the European CB's deliberately lowered the price of gold in an effort to support the dollar ONLY until their replacement--the Euro--was born. Despite the talk from Armstrong and the rest about "free market" capital flows into U.S. denominated assets, I think private portfolios have been moving out of dollar denominated assets virtually un-interruptedly for decades (with CB buying providing support on the other end). If the dollar collapsed entirely, the U.S. would no longer function as the world's buyer of last resort (and then what?) A global economic disaster. UNLESS, there were another buyer of last resort of equal size. If I'm right, the European CB's will allow the dollar, then U.S. bonds to plummet in 99. I expect this to begin right at the get-go. The gold market should look very different. Of course, you're right, the Euro could fail.

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