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To: Terry Whitman who wrote (150395)	2/9/2002 10:53:02 AM
From: reaper	Read Replies (4) \| Respond to of 436258

<<When did they all start buying stocks? Well about the worst time in the last 100 years to buy a stock market- the Nikkei in 1988-89. When did they all start buying real estate- about the top of the largest real estate bubble of all time.>> Actually, they STARTED buying stocks and real estate in the 1970s, just like the American public STARTED buying stocks in the early 1980s. The "starting" of course was just the beginning of very long bull markets. So if the Japanese (or anybody else for that matter) are STARTING to buy gold (in the face of tons of negative sentiment, by you and that moron technical analyst on the Street.com and yours truly) then who knows where it will go. I ain't no gold bug; don't own any physical or stocks linked to it (I think I'm one of the only ardent bears on this thread who doesn't own it). But the deflationary abyss beckons, and gold ought to be a pretty good relative store of value in that environment. Me, I'm using CASH as my store of value (and again, its "cash" not "money" as money is some fabricated asset backed by calls on auto loans and real estate) and looking for capital gains in long-duration govies (mostly very long-dated STRIPS), with my inflation hedge as short-dated TIPS. Cheers

To: Terry Whitman who wrote (150395)	2/9/2002 8:56:24 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Terry, >>I wouldn't bet on the Japanese public to be right on gold any more than anything else My view of the Japanese buying gold is they don't have much of a choice. The currency is devaluing and their bank deposits above $75,000 are not going to be guaranteed after March. They do not get interest income on government bonds. Am assuming the ordinary person on the street can not buy US$'s at their local bank. It was clear to me that when the Japanese government started this devaluation process the smartest thing for the citizens to do was buy gold/presious metals or buy gold/presious metal stocks that pay good dividends. IMO, it is probably the best performing asset in Japan since devaluation started. Joan