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To: GST who wrote (78885)	9/29/1999 10:27:00 AM
From: John Donahoe	Read Replies (1) \| Respond to of 164684

RE: Or any combination of central banks, individuals and investors. Oh my gosh! There is a production deficit in gold -- only half of which will be made up by central bank sales in coming years. GST---We are not in a bull market for gold. It's my opinion that Kudlow is right on this issue. One spike up does not make a bull market. From a technical point of view it is highly unlikely an "18" year bear can be reversed in a couple of days. We need to go through some serious basing action first. This run up is a rally that will be short lived. From a fundamental point of view the production deficit will be taken care of once the price exceeds production costs. Central banks? They will be motivated by political considerations. Only with inflation will you see the gains of 20 years ago.