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Gold/Mining/Energy : ECM.VSE - El Callao Mining.

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To: Richnorth who wrote (799)7/6/1997 11:22:00 AM
From: Richnorth   of 1253
 
To ALL:-

Adrian Day's Investment Analyst
1217 St. Paul St., Baltimore, Md. 21202

JULY ~ John Templeton advises buying at the point of ``maximum pessimism.'' Baron
de Rothschild said to buy ``when blood is running in the streets.'' Many investors must
feel these investing greats were describing junior gold stocks. Against the background
of a soft gold market and, in many cases, unrealistic stock prices, the Bre-X fraud has
taken a severe toll on the market. Gold funds are being hit with massive redemptions
daily and have no choice but to liquidate. Individual investors, seeing former highflyers
down, are dumping before they collapse more. Now the summer, always a quiet
period for buying in this sector, has arrived early and with a vengeance. It's not a pretty
picture.

- ADRIAN DAY
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