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To: Glenn D. Rudolph who wrote (104971)	6/14/2000 9:49:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn -- I think the dollar is the issue. It is a bigger issue than any of us probably realizes. You know, we focus on the Fed and we want evidence that the economy is slowing and all of that, and we assume that it is back to the bull market when the Fed stops hiking rates. But consider the dollar. What does the end of rates hikes and a slowing economy mean to the dollar? Probably it means the dollar will decline, which, aside from being inflationary, is a reason to buy gold. Gold is an alternative to the dollar, and that is the reason Fed officials poo poo it so much - they want a strong dollar and weak gold. This could be reversing as the dollar weakens and gold strengthens. The big short position under gold is the "rumbling".