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Gold/Mining/Energy : At a bottom now for gold? -- Ignore unavailable to you. Want to Upgrade?

To: paul ross who wrote (1730)	9/28/1998 1:27:00 AM
From: paul ross	Respond to of 1911

See #reply-5856009 for URL.

To: paul ross who wrote (1730)	9/28/1998 7:39:00 AM
From: Ganesh	Respond to of 1911

LTCM is rumoured to be short 1,400 tons of gold. When do they unwind it??? Or is it already unwound??? Better, they are massively short Australian dollars. Isn't AUD and the price of gold linked?????

To: paul ross who wrote (1730)	9/28/1998 8:42:00 PM
From: ahhaha	Read Replies (1) \| Respond to of 1911

M3 is a distorted measure. The important ones are M2 and L. However they aren't as important as the monetary base. Base growth is closely related to the RP free float and outright NY Fed open market purchases of gov. securities. Both have been progressively rising. These actions are somewhat independent of interest rate ad hoc posting, i.e., nominal targeting. Its becomes non-nominal when the market moves the rate away from the target but the NY Fed attempts to support its synthetic rate by countervailing securities transactions. I might add that C&I loans are finally showing some significant increases. This will mean that any FED re-posting at a lower fed funds rate is going to take quite a lot of reserve creation to hold the rate down, since now we are in a regime of rising demand for loanable funds.