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Frank Pembleton

08/21/05 7:44 PM

#13877 RE: Frank Pembleton #13876

Swiss Franc and the Canadian Dollar-- assuming that the SF is levered to gold and the C$ is levered to crude you'll note the negative correlation over the past 4-months-- a sharp drop in oil prices is not necessarily bearish for gold. Using commodities as an indicator on where the price of gold is headed is a coincidental indicator at best.