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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

4:00 PM EST

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To: Terry Swift who wrote (25974)	1/15/1999 12:33:00 AM
From: Bob Dobbs	Read Replies (1) of 116796

Terry - The idea of gold stocks tanking with the general market has concerned me. <<they could be the pin that pops this equity bubble we've been in for some time now. If that happens, I expect the gold stocks will be taken down with the general market, at least in the short term.>> I wanted to ask you further what you thought about the vulnerability of gold stocks to a market downturn. It's my thought that most gold stocks are either a speculation FOR a crash or a hedge for a conventional portfolio AGAINST one, and as such, are in relatively strong hands. These could also be pure value plays, in which case the owners are in it for the long term. I don't think a general market crash will result in excessive gold bullion sales, either, as Westerners have largely disinvested over the past two decades - investment demand for bullion has only picked up in the West recently, and again, those holding it have strong hands. Your thoughts, oh wise one. Bob

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