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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: chowder who wrote (17627)1/31/2003 1:55:50 PM
From: Ed Ajootian  Read Replies (1) of 206244
 
IMO the market is oversimplifying the situation by assuming its just another setup like two years ago. This time two years ago the strip was even higher than it is now, around $5.50, and the average price of natty for the ensuing year was maybe $4.

So the futures traders are being treated like the kid who yelled "fire" one too many times.

Based on commentary from Robry, Que, et al it sure seems to me that this is one time the futures traders are actually gonna get it right! If anything they may be too low, especially for the next 2 months or so. Today's rig counts just in -- US gas rigs up just 2!
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