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Gold/Mining/Energy : Hecla Mining(HL) -- Ignore unavailable to you. Want to Upgrade?

To: dwight vickers who wrote (243)	1/23/1998 1:00:00 PM
From: Terrence Von Holidae	Respond to of 629

Dwight: Although the recent quarter's earnings will be o.k., the market is a barometer of future prosperity. The distribution and gyrations in individual stocks, and now, the indexes as well, suggest an uncetainty coalescing into a significant market direction change. It would be silly to quantify the impact of Asia's crisis on the bottom line using last quarter's numbers; the situation was yet in its infancy. The real impact will be experienced over future quarters as the situation matures. I cannot understand such shortsightedness on the part of those who speak for their industries; I certainly would be suspect of their ability to manage any company through good times and bad. Aside from that, this past Wednesday's Wall Street Journal posted an editorial calling for a return to a world- gold standard. I often find that that which appears in the last pages of a respected journal have a way of moving to front-page importance several months later. I will not, sometime over the next year or two, be surprised to read matter concerned with the failure of the floating exchange rates and the need to find a fixed standard in most of the other major press. It often appears in the dailies first. As I convey this, gold is up $7.65. I consider a $10 move of seminal importance confirming a new direction in trend: we are very close. Yours, T.V.H.

To: dwight vickers who wrote (243)	1/23/1998 5:58:00 PM
From: Terrence Von Holidae	Read Replies (2) \| Respond to of 629

Dwight: I am encouraged to read the popular press is attributing today's rally in gold to domestic trouble within the Whitehouse. While this will be looked upon as perhaps the straw that broke the camel's back, today's improvement has been long in the making. Starting with a fundamental shift in demand/supply that has sufficiently worked down available supplies accumulated during the last precious-metals bull-market era, and coincident to the end of this generational bull-market for financials, today, this new era for the metals, and in particular, this first-leg, is primarily influenced by the turmoil throughout Asia. Therefore, until recognition of that occurs, and resolution is satisfied by a new political and financial covenant reached by most of the developed world, the leg-up will continue. I do not believe, short of a return to gold as a standard, that the bull-market will have primarily run its course. And even should that transpire in the next couple years, the demand/supply equation and demographic trend may have not fully run their respective courses. So, while it is possible we sustain this advance above $300, pull-back below after initial public exuberance, the future looks very promising. Yours, T.V.H. P.S. We have 297mm ounces of gold not changed in several decades in contrast to a money supply that has grown twenty-five fold, or better.