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THE WINDY CITY TRADER
P.O. Box 1673, Chicago, Illinois
(November 11, 1997) METALS: As we mentioned last time, gold no longer seems to be much of a barometer for anything. Friday's unemployment number of 4.7% should have been very inflationary (used to make gold rally), yet the market dropped $5.00. The only possible explanation is that with so many countries' economies in trouble now the worldwide threat of disinflation could be offsetting our U.S. inflation picture. A break under $308 could jolt prices back to 1982 levels at $280. Silver will be hard pressed to rally with gold in the dumpster. December futures might test $4.56 before too long if gold fails to recover. Copper is trying to hold the 8900-9000 area but may not be able to with the jittery action in the stock market.
Stephen Connell and William Frejlich
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