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Strategies & Market Trends : MDA - Market Direction Analysis

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To: EDavis who wrote (27552)	9/28/1999 8:41:00 AM
From: pater tenebrarum	Read Replies (1) of 99985

ED, of course this is the mother of all short squeezes as speculators have been net short a record number of contracts up until recently. i always contended that this would eventually happen and the moves would be explosive. Central Banks' gold leasing activities and producers' forward selling all add to the short squeeze. the Reserve Banks of Denmark and Australia for instance haven't even a grain of their gold reserves in their vaults...it's all lent out. there is now a mad scramble by the shorts to cover their exposure. at some point we'll have a correction of course, but i'd use corrections to continue to play the long side, as i believe the ECB's announcement has turned the gold market's psychology from a bear to a bull market. regards, hb

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