Message-ID: <30196678.1075842027636.JavaMail.evans@thyme> Date: Wed, 6 Feb 2002 09:46:58 -0800 (PST) From: john.zufferli@enron.com To: chris.lambie@enron.com Subject: FW: *** Gold/TSE GL/$US/CPI/TSE MM/CRB Bloomberg charts *** Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Zufferli, John X-To: Lambie, Chris X-cc: X-bcc: X-Folder: \ExMerge - Zufferli, John\Sent Items X-Origin: ZUFFERLI-J X-FileName: john zufferli 6-26-02.PST -----Original Message----- From: "lebend" @ENRON Sent: Wednesday, February 06, 2002 9:28 AM To: Zufferli, John Subject: FW: *** Gold/TSE GL/$US/CPI/TSE MM/CRB Bloomberg charts *** -----Original Message----- From: Jouhl, Paul [mailto:Paul.Jouhl@tdsecurities.com] Sent: Tuesday, February 05, 2002 7:54 AM Subject: FW: *** Gold/TSE GL/$US/CPI/TSE MM/CRB Bloomberg charts *** > The purpose of this email is to address some of the questions you may > have regarding the gold sector: > > * "Gold stocks are way ahead of the gold price - what's going on?" > > * "The US dollar remains strong - how can gold rally?" > > * "How can gold stocks rally when inflation remains so tame?" > > The following charts (found in the attached Word document - sourced > from Bloomberg) illustrate the relationship of gold stocks and bullion > to several other important variables: $US, CRB, CPI, and TSE Metals > and Minerals Index. > > We hope that you will agree with our conclusions that based on the > response of these variables at the end of the last recession: > > 1) It is reasonable to see bullion lag the gold stocks in this > economic environment (end of Fed easing). > > 2) Gold/gold stocks CAN rally in the face of a strong US dollar. > > 3) Gold/gold stocks rise on the threat of inflation - not necessarily > the appearance of inflation itself. > > Chad Williams > TD Newcrest > 416-308-2360 > > <> - Bloomberg_gold_charts.doc