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Gold/Mining/Energy : An open letter to jr. gold investers by Ron Pitts 03/27/97
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To: Ron Pitts who wrote (146)4/1/1997 2:37:00 AM
From: Michael July   of 297
 
Ron...I too think we need to be more concerned how the DJIA fares. The cash postion of mutual funds in the states are at their lowest levels since 1976. The selling over the last 2 days typically begets more selling and it builds on itself as mutual funds sell stocks... including the gold stocks...to pay off liquidating shareholders. In Barons weekly magazine this weekend a portfolio manager who has been extremely accuarate and a bull since 1982, predicts a 10-15% correction over the next 3 months (The interview took place before Thursdays drop). My concern is that gold stocks in past corrections and especially bear markets usually get hit harder than the rest of the market. Many NA gold stocks are trading near their 52 week lows and some have even made new lows such as Barrick. Cash may end up being king of the hill.
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