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To: ild who wrote (6922)	2/4/2004 12:23:12 PM
From: ild	Respond to of 110194

Date: Wed Feb 04 2004 11:24 trotsky (G7) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved well, if there's ONE thing that might lead to an agreement of sorts, it's their collective desire to 'stick it to the gold speculators'. after all, gold is the primary threat to their fiat money monstrosity. however, we can hope that the rise in the PoG is not taken seriously yet... it's been in a bear market for so long that rallies are usually viewed with the equanimity informed by the 'knowledge' that they won't go far. so unless this 'war on gold' unifier kicks in, i don't think anything of substance ( a la 'Louvre' and 'Plaza' accords ) can be expected. don't forget, the 'old Europe' socialists and the clowns from Shrubbery central are not exactly in love with each other. in fact, i think their petty vindictiveness ( to wit, the childish tit-for-tat catalogue of small slights that has emerged in the wake of the Iraq blunder ) practically ensures an acrimonious meeting along the lines of 'our currency, your problem'. possibly the Europeans will be able to brow-beat the Japanese into easing up a bit on their intervention lunacy, but otoh, what the Japanese are doing in the forex markets makes me think they've completely lost their mind, so i'm not sure...how do you convince a psycho that he should amend his behavior over a single weekend? so there's a good chance that G7 will end up a total debacle...which is fine with me. after all , these interventionist bureaucrats deserve nothing but contempt. Date: Wed Feb 04 2004 11:00 trotsky (stock market) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved the power of belief...the lumpeninvestoriat ( thanks to Bill Bonner for this excellent descriptive term ) is piling into calls again. hey, even the Wall Street Journal insists it's a 'new bull market' and we know those last AT LEAST.... ( well, longer than this one has so far ) . this latter point was one of the arguments recently forwarded by fund manager Hugh Johnson on tout TV. think about it - 'the market must go higher because the average bull market goes up for such and such length of time' is used as an argument to justify buying tech stocks at 180 times earnings ( NOT counting those that lose money ) . it is truly amazing that this sort of prattle passes for 'analysis' - and that its purveyor in fact controls billions of investors money. and the best thing is, the rubes believe it - they just pumped near record amounts of money into the mutual funds.