On Oct 13 I posted a note that one of the indices I follow flashed
a major, long-term buy signal on this index. So far, on a short
term basis, the index has hung in there, and begun to rise over the
past 3 days, to 119.25, yesterday. That was on a day that gold
in NY finished down 20 cents. Gold itself has apparently put in a
bottom, and looks fairly strong. A few more days of positive movement
will make this look like a valid assumption.
I don't own any majors at the moment, but I suppose one could
look at a few including Santa Fe (gold), Placer Dome (pdg), and others
that have corrected substantially. Santa Fe is around 12.625, with a
recent high of 18, and certainly a 50 % move from these levels is
reasonable to expect, provided we have a decent rise in the price of
gold. I don't expect, and we don't need a huge move from gold.
A price rise of $10 or more would really turn this market around.
Regards
Dan P |
