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To: Win-Lose-Draw who wrote (227462)	3/12/2003 11:44:30 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

That's been discussed here many times...gold stocks do poorly in a market crash. As far as "the smart money being in" gold stocks right now, well, if they've been in the last 4 weeks or so, they don't feel too smart about it now, do they? Gold bullion is a long term hedge against dollar and currency depreciation. Gold stocks are derivatives, some are better than others but they all have the drawback of being used as a source of liquidity by money managers in times of financial stress and fragility, which is what we've seen lately. Long term, gold is still a useful hedge, especially in a bear portfolio containing shorts and/or fixed income. No more, and no less....