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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: Rarebird who wrote (56460)	7/19/2000 10:34:07 AM
From: pater tenebrarum	Read Replies (3) of 116842

i like to exaggerate when looking at dips in the PoG. in truth the trading range has so narrowed recently that a 3-4 bucks decline looks like a lot at first glance. anyway, the XAU is breaking to new lows, so it is very likely that another leg in the bear market is underway. we'll see if the Aug. '98 spike low holds... also, i didn't say i was surprised. the weakness of the XAU predicted that gold would be dumped again. some people are expecting $240-250 as an intermediate term target for this down move. Prechter's $180 long term target looks actually doable if that happens. if so, annual mine production should shrink significantly... we'll see...in any case, the XAU seems to discount much lower gold prices already. unfortunately lots of small and mid tier miners will be lured/forced into hedging again at ridiculously low prices...only to be destroyed by the next rally, a la ASL and Cambior. it's bound to happen...

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