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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (9834)	4/16/2003 2:35:37 PM
From: austrieconomist	Read Replies (2) \| Respond to of 39344

"There's a lot of money printing going on." Not really. The best gauge of Fed activity is the narrow component of MZM. The further you go up in the broader definitions to M2 and M3, the less they are influenced by Fed action. MZM has been declining steadily since its peak in January, 2002. My belief is that it was the incredible amount of Fed activity reflected in monthly 20% rates of growth from November, 2000 through January, 2002 that was reflected in the subsequent appreciation in the CRB Index from November, 2001 through January, 2003. The steady decline in MZM since January, 2002 tells me that the CRB Index will steadily decline from here.