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To: Zardoz who wrote (19703)	9/25/1998 7:25:00 AM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116762

Hi Hutch: what would have to change in your charts that would suggest that the bull market in PMs has begun? I know you rely a great deal on TA but I also know you cover fundamentals as well. ps thought washingtonpost.com this article was fascinating because of comments by P.V.

To: Zardoz who wrote (19703)	9/25/1998 9:12:00 AM
From: PaulM	Read Replies (1) \| Respond to of 116762

The market is saying soemthing else entirely. Yen/Dollar is no longer a particularly important trend. BOTH are going down against the Euro currencies. And obviously not because the Euro group is less exposed to credit risk or slowdown than the U.S. But rather because the European currencies are a proxy for something new, and not part of the current monetary system--the Euro. Why does the dollar also follow EUROPEAN markets down? Because the Dollar, and for that matter the Yen, are products of a post WWII Bretton Woods monetary system which is now unraveling. During this transition, gold, being the only form of real money, is an excellent horde. At first, gold will merely move up in proportion to the dollar decline. Eventually, the dollar decline will result in a short squeeze or default in the gold market. At that point, POG will have little to do with any other currency.