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To: Crimson Ghost who wrote (113519)	7/19/2001 3:41:37 PM
From: Efthymios H. Zacharias	Respond to of 436258

POG if one excludes the extremes of the spike is in the upper middle part of it's range since the low at 255 in the spring as can be seen from a daily chart. During the same time lease rates have absolutely collapsed with no real effect on the POG.

To: Crimson Ghost who wrote (113519)	7/19/2001 3:45:10 PM
From: pater tenebrarum	Respond to of 436258

the dollar yes, lease rates no. since the bulk of the decline happened with lease rates firm. besides, i don't even count the spike to 295 - that was a one day wonder! it's as if it never happened from my PoV. the decline from that spike sure looked somewhat orchestrated though. fact is the PoG is holding in a somewhat higher trading range than before the spike, and i think it's getting ready to move again. favorable seasonal period coming up for one thing, and reportedly physical demand keeps going very strong. qu.1 saw record demand, and i have little doubt the same will hold true for qu.2. Dubai and India import levels have been up strongly of late. then there's the potential wild card of a NUM strike in South Africa - still the largest producer.