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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs) -- Ignore unavailable to you. Want to Upgrade?

To: Dan P who wrote (693)	10/5/2002 8:38:02 PM
From: Larry S.	Read Replies (1) \| Respond to of 972

Dan, et al, I forgot to post the GMI info last week so I will include it below. Sorry. The only significant reference to PMs in Barron's last week that I recall was a reference to comments by Michael O'Higgins, who runs O'Higgins Capital Management and a repeat of his earlier comment that his only long is gold -- more specifically, call options on XAU, the Philadelphia gold and silver index. He was also quoted as stating: "I may be crazy, but I am increasingly fearful that we are on the verge of a...1987-type crash. As a result, I have reestablished my short positions on the Dow, the S&P and the NDX." I didn't find anything of significance to PMs in this week's Barron's. The Mining Investment Conference in NYC last week (9/22 -23) was relatively well attended and nearly all speakers were bullish on the future of PMs, particularly gold and mentioned levels of 330 or 340 as key. They were even more bearish on the markets in general. Speakers included Bob Bishop, Rick Rule, Adrian Day, Ian McAvity, Lawrence Roulston, David Williamson, John Kaiser, James Sinclair, Marc Skousen, Richard Sacks, John Doody, James Grant, Paul van Eeden, David Tice, Bob Chapman, Mary and Pamela Eden, John Hathaway and Thom Calandra. There were about 100 companies represented. I heard November mentioned several times as the likely month when gold will break through 340 but I didn't hear any new insights. Lease rates continue to fall and the daily fluctuations suggest that leased gold is continuing to be sold to push down the price of gold. The GMI/POG ratio: On 09/26, the Barron's GMI was 397.94, down from the previous week's 434.01. With the POG down at 320.05 (09/27), the ratio was down significantly at 1.24. On 10/03, the Barron's GMI was 386.70, down from the previous week's 397.94. With the POG up slightly at 320.305 (10/04), the ratio was down significantly at 1.21. The ratio a year previously was 1.10. Cheers, Larry