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To: Chris Forte who wrote (17432)	1/29/2004 2:27:18 PM
From: GARY P GROBBEL	Read Replies (2) \| Respond to of 120417

Gold is collapsing...the thing about the Fed and rates...which right now is roiling the mkts...is this...without consistent job creation to the tune of 150,000 jobs per month ea month for several months in a row the Fed cannot raise rates..esp with slack industrial capacity and low inflation...all they did yest was to give themselves increased flexibility...changing a phrase that EVERYONE knew they had to....so as we lop trillions of dollars off the bond and equity mkts let's remember that earnings are strong, the GDP forecast is north of 4.5% for the year...and even a rate rise of 100 basis points would not even put a dent into this recovery....most players were looking for a reason to take profits and the Fed supplied it....doing something that was inevitable anyway...