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To: Abner Hosmer who wrote (9955)	4/14/1998 5:22:00 PM
From: Lalit Jain	Respond to of 116762

thomas, "..have heard rumors that it was Japan that purchased the gold sold by Belgium recently but not confirmation as yet. Yesterday it was reported that Japan sold $14 billion in Treasuries" ..... as per USAGold usagold.com Regards, Lalit Jain ps. enjoyed your article re. this thread.

To: Abner Hosmer who wrote (9955)	4/14/1998 7:22:00 PM
From: Pete Schueler	Read Replies (1) \| Respond to of 116762

Thomas, Just to keep some perspective on the current market levels, consider the following scenario.... Dollar begins to weaken due to factors explained by Steve Roach. Domestic prices, unleashed from downward pressure from import prices, begin to firm. Trade deficit at all time high further weakens dollar at the same time that EURO currency begins to make impact on dollar. Now prices are rising and growth is stalled. Corporate profits are sliding. Voila! Stagflation (remember that marvelous combination of no-growth inflation?). Now say that Dow profits decline 20% from current levels to $320/share. Then people hear the music stop and try to find a seat. Dow P/E goes to 10. Dow goes to 3200. Is there a law against a P/E 10? In the best of times like now the P/E should be 10. In the worst of times the P/E should be 24 (like it is now in the best of times). But we know that the market isn't so rational. Maybe we get to 10000 Dow. I think its more likely to see a big hit. Remember the Nikkei at 39000 in 1989. Japan could do no wrong. USA will follow. Pete

To: Abner Hosmer who wrote (9955)	4/14/1998 11:11:00 PM
From: PaulM	Respond to of 116762

The PEI web site has been updated with lots of new stuff. Among Armstrong's more controversial statements: About silver: "the only thing in short supply in London is vault space" About the Dow: Dow 12000 would be a bubble top, but otherwise the Dow/Dollar bull could continue for years.... P.S. I'll say 9600 is the top in three-four weeks or so. And then that's all she wrote.