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November 4, 2007 Dear Friend, Enclosed you will find a review of gold prices since 1971 in eight major currencies, in which we try to determine what "record gold prices" mean. After all, the U.S. dollar averaged $713 in September and $759 in October, which broke the $678 January 1980 and $675 September 1980 monthly average gold prices before adjusting for inflation. Gold mines sell bullion every day, and monthly average prices more closely determine income statements for mines. Gold prices are not records after inflation adjustment or in terms of "reserve currencies" like the yen, Swiss franc or euro, but already made records in many currencies like the rupee or rand. Inventories rose on commodities exchanges last week for each metal except aluminum, as though business slows either in terms of holidays or many autos and construction markets. We continue to program our username and password protocol, and we will contact you in the next week or two when it is done. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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