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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Zardoz who wrote (3150)1/21/1999 10:55:00 AM
From: Jim McMannis  Read Replies (1) of 81092
 
Hutch,
Seems like every time I come by you've got you a$$ in a crack with the goldbugs. When are you going to learn that goldbugging is like a religion? Everyone is invited, from thrift shop prospectors to ex-wide receivers for the Boston Patriots of the old AFL. You can even become an expert on doom and gloom and pontificate on why a big run-up in gold is right around the corner. Sounds great but it doesn't seem to happen.
You're a different breed Hutch, a trader, you'll never fit in, only be accepted temporarily if you happen to be be long gold.
Oh well...
You know, I really wish they would bring back the ole' Keynesian boom bust business cycle again. Sure would make it easier on us traders. This Steady-State stuff is as boring as stagflation, only our government lies about the inflation part.
As often is the problem, it can be hard to find just where we are in the cycle. I wouldn't take much solace in AG saying rates might have to be raised. He does that every speech. Certainly, a rake hike would be BAD for gold and AG has held gold hostage with this technique for a number of years. On the other hand, a failure to raise them coupled with letting the price of gold rise would work quite well in shutting down the irrational exuberance in the stock market. Not a path he dare take I think.

Anyway, looks like the first wave from 61 to 74 is over and the pullback to the 67 level is showing a little bit of promise of holding.

All the best, Jim
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