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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: TATRADER who wrote (35155)	6/11/1999 11:56:00 AM
From: Richard Mazzarella	Read Replies (3) of 116756

Hi Mark, I agree that gold is oversold, BUT IMO it's going to be oversold even more. Just the bullish sentiment on this thread suggests so. We need a massive washout to clear the decks. That may occur as the UK selling progresses, maybe as others scurry to get out first. I don't buy the "we've bottomed" arguments, or smart money will anticipate the bottom. The decline has been too steep, too long, and with too many false starts to get any major commitments. Gold hedge funds have already blow their wad and big money will wait for the washout and proof for POG recovery IMO. I still believe that the producer hedging was the real "devil" for gold market. It's taken 20 years to do what could have occurred in months otherwise. I wouldn't invest in a hedging producer if you're looking for multiples on POG recovery.

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