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Gold/Mining/Energy : Gold Price Monitor
GDXJ 109.23+3.7%Nov 28 4:00 PM EST
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To: William Peavey who wrote (41114)9/27/1999 2:07:00 PM
From: denekin  Read Replies (1) of 116786
 
Some thoughts on Gold Bull Market: FYI
Can't verify this as I'm no expert but thought this would interest you:

"Let's discuss gold a bit here. The vast majority either hates or could care
less about gold and gold stocks, and that has been the case for months and
years. That is the type psychology that begins a bull market, similar to the
stock market bottom in 1982 & 1994. Gold has been in a bear market for 20
years. Crude oil leading the way higher as it usually does, and the CRB has
given signals that it made a long term low in July of this year. I am looking
for gold at a minimum to reach $300 by year end.

If you wish to play this and do not want to play the futures, (December
contract is GCZ9), then the XAU is the way to go. Because this commodity is
so reviled though the liquidity in this one is very thin. It may be a good
play though I just wouldn't get more than ten options on it as it may prove
difficult to get out of if you were doing more. Ten should be sufficient.
Breaking 72.50 is a buy signal and this should take the XAU at a min. to 76
and more than likely back to 84. Look to take profits in that area as that is
stiff resistance but if that is broken look for 96 and if that is broken 112.
I personally think it has hit resistance and will now go test the lows one
more time while the market will rally one more time. I will be looking to go
long later but if I am wrong then I will definitely go long on a break of 84
in this market."
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