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Gold/Mining/Energy : Chesapeake Gold (CKG.V)
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To: re3 who wrote (667)5/30/2003 12:20:38 AM
From: Claude Cormier   of 7835
 
I couldn't know about the April-May rally in January. All that was obvious was an overbought condition and of course, nobody could known it in advance.

<..POG is higher than early January and STILL higher than last spring when many of these gold stocks were (much) higher... >

Yes. But gold prices are only one factor. The momentum in spring 2002 was much stronger thant it has been this year. The Canadian dollar was also much lower. And finally, gold had not yet shown that it can give up rapidly gains so hardly acquired. The SUmmer 2002 decline was a cold shower that killed the momentum. Same for the February-March decline.

Momentum will come back and juniors will make new high. But I am not sure it will be before we move towrads the 1996 highs. The reason is simple. The bull will be confirmed only when we move above this high. Until then we are in a trading range with a very small possibility of a renewed bear just ahead.
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