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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.80

+0.9%

Nov 19 4:00 PM EST

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To: Hawkmoon who wrote (27506)	2/1/1999 8:57:00 PM
From: John D. McClure	Read Replies (2) of 116763

"People widely recognize that Internut stocks are overvalued and are primarily the Las Vegas of the stock market where people gamble, not invest." When, and I mean WHEN all those bloated market caps for the Internet stocks melt away, can't you envision-just for a moment-that the loss of all those BILLIONS in paper profits will cause a financial and psychological shock wave that could well reverberate through the markets and cause a chain-reaction meltdown? I heard that the P/E for the market IN GENERAL is in the low 30's-nosebleed territory. Pardon the mixed metaphors, but my take is that the Internet mania is just the icing on the cake of a wider house of cards. One can't discount the danger posed by one segment of the market as a possible "last straw".

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