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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: philv who wrote (5503)	1/9/1998 4:58:00 PM
From: Richnorth	Read Replies (1) \| Respond to of 116756

Phil, It seems that you are one who must be able to see the proverbial "smoking gun" before you would believe something is happening or has happened. Kinda tall order, I must say! More often than not, you will have to be quite satisfied, at least for the time being, with circumstantial evidence and proceed patiently from there until, hopefully, you get to see what you have been looking for. FWIW, develop a number of hypotheses and arrange them in order of plausibility and probability..........Sometimes, personal intuition may give you a good idea of what is, or what approximates, the 'truth'. Without question, careful perpetrators of nefarious/dastard acts tend to so conduct themselves that it would be hard for you to find the evidence you are looking for. Also, all too often, they tend to plant false leads to lead you astray. Sorry, didn't mean to be trite!

To: philv who wrote (5503)	1/9/1998 5:32:00 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 116756

Deflation talk hits closer to home for U.S. stocks>>> The growing debate about deflation hit closer to home for U.S. stocks this week after government data showed that producer prices in 1997 tumbled 1.2 percent to an 11-year low. Until now, talk of deflation and falling prices has largely focused on Asia. Although nobody is predicting full-scale deflation in the United States, the stock market will not escape some domino effect from Asia's slowdown. ''The equity world simply cannot be the same after the Asian event as before,'' said Allen Sinai, chief economist at Primark Decision Economics. The deflation debate was rekindled after Federal Reserve Chairman Alan Greenspan spoke at length about the issue last weekend. Some analysts even expect the Fed's next move to be one of cutting, not raising, short-term interest rates. Federal Reserve Bank of Chicago president Michael Moskow said Thursday that problems in Asia and the domino effect on the rest of the U.S. economy should trim real gross domestic product growth by about 3/4 point in 1998. Federal Reserve Bank of New York Senior Economist Rae D.Rosen also said Thursday that he was worried about the possible deflation of goods. Bruce Steinberg, chief economist at Merrill Lynch said the deflationary process should intensify and stock market trading in the first half of this year will be treacherous. Edgar Peters, chief investment strategist at Boston-based fund PanAgora Asset Management said deflationary pressures will affect stocks across the board, not just those exposed to Asia because almost all stock sectors are overvalued. ''It's taking people time to realize that earnings expectations have gotten out of whack. Wall Street is starting to wake up to this, but there are still a lot of people in denial and that's why the market keeps bouncing around at these levels,'' Peters said. Crude oil has tumbled to two-and-a-half year lows of $15 to $16 per barrel due to shrinking demand from Asia and increased supplies. Gold on Friday fell to an 18-1/2 year low of $278.70 an ounce as inflation appears remote.

To: philv who wrote (5503)	1/10/1998 2:11:00 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 116756

philv: According to Frank Venneroso, CB gold sales last year were much higher than the Gold Field estimates. Even more important, CB gold loans to speculators have gone into the stratosphere. When puzzling over gold's recent action you might want to consider a quote from the late great economist Elliot Janeway. To paraphrase, gold moves in the opposite direction of the dominant power's currency. Once the U.S. dollar comes under serious and sustained pressure, this gold bear will turn into a roaring bull. But as long as the greenback is king of the hill, the yellow will remain in the doghouse.