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Gold/Mining/Energy : Gold Price Monitor

GDXJ 124.11

-13.6%

Jan 30 4:00 PM EST

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To: Jim McMannis who wrote (34046)	5/17/1999 3:15:00 PM
From: Ken Benes	Read Replies (1) of 116944

Jim: I think we have a fair shot of a breakdown to the 250's. The announcement by the BOE has broken any hope of a resurgence to 300+ gold anytime soon. Prior to a change in sentiment, we will have to see a decline in the dollar, a selloff in the market, and bond yields continuing to rise. I would think that with the price of oil moving up by 70% this past month, our deteriorating balance of payments is going to suffer an additional blow. Over 50% of our oil comes from overseas. This will help build pressure on the dollar. When the bond and the dollar decline to a certain level the stock market will follow. However, in the euphoric mood the markets are in, it is going to take more time, and more pressure on yields and the dollar to crack the market. Ken

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