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Gold/Mining/Energy : Canadian blue chips

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To: bill who wrote (5)	5/17/1999 11:03:00 AM
From: SofaSpud	Read Replies (1) of 36

I'm not fretting about inflation - yet. As long as the U.S. can turn out the kinds of productivity numbers we've been seeing, wage push isn't going to be a issue. In Canada, we've had a 9% appreciation in the value of the dollar from the low last summer; that helps undermine any domestic inflation pressure by moderating the price of imports. I'm watching the banks, because they could be blindsided by an unexpected resurgence of inflation. In the meantime, I'm counting on my inventory of late-cycle prospects -- hoping that that's where we really are in the cycle, and that it's not different this time. As for bonds, we've seen a couple of peaks in the last year that would have been good trading opportunities, even for those of us who aren't in Toronto with instant info. If I see the 30-yr. at 6%, I'm going to throw some short-term money at it with the expectation that the yield will drop maybe 75 bp.

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