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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Hawkmoon who wrote (27997)	2/12/1999 9:23:00 PM
From: PaulM	Read Replies (2) of 116759

The Japanese that are selling bonds are private entities--Banks and Life Insurers. They need to look solvent come March 31 (which suggests there will be plenty more of this to come over the next two months). On the other hand, the BOJ also has a much larger U.S. bond position of its own credited to its customer account at the Fed. The BOJ is not, and cannot, sell these en masse or the game is over (the game being the U.S. as buyer of last resort for Japanese exports while Japan is a major buyer of U.S. dollar, bonds). Considering the Japanese trade surpluses of the last decades, the Japanese must be asking themselves: surplus of what? At some point, the Fed will do what it does best: print our way out of this problem.

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