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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: yard_man who wrote (12770)10/4/2004 2:28:29 PM
From: mishedlo   of 116555
 
Heinz on gold
Date: Mon Oct 04 2004 10:25
trotsky (gold sentiment) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
per Friday's data, there has probably been a short term peak in gold sentiment - cumulative cash flows into Rydex pm funds have gone back to the sector's pre-correction interim peak in March. this is still about 10% below the December peak levels, but those 10% represent a very small comfort zone, making a correction likely.
also, the speculator net long position in gold futures and options is fairly large at 155,000 contracts, although it must be noted that it is still well below the record highs seen earlier this year.
lastly, this is not a call for a large drop - as money flows into pm shares remain by and large positive, even on down days. a correction at this stage is probably healthy.
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