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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: IngotWeTrust who wrote (45380)	11/29/1999 8:57:00 AM
From: Rarebird	Read Replies (3) of 116764

< Curious as to how you arrived at your assesment that $293.50 was below market expectations> I admit that the term "market expectations" is a subjective concept, which is rooted in the question of what constitutes Value and Perceived Value( I don't personally equate Value and Perceived Value in my own life, but as an investor and position trader I never lose sight of the fact that the Stock Market does not distinguish between these two concepts). With that being said, I think the vast majority of Gold Bulls wanted to see bids above the prevailing spot price based on Friday's London close. $300 has shown itself to be stiff resistance over the past few weeks and the Gold Gunslingers were looking at this auction as a sign as to whether the POG could be pushed past the $300 resistance level. Moreover, many traders were also looking for the producers to actively step up to the plate here and aggressively bid. This Auction disappointed.

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