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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.22

-0.5%

4:00 PM EST

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To: Rarebird who wrote (54519)	6/16/2000 1:56:00 PM
From: Crimson Ghost	Read Replies (2) of 116837

I suspect that the subdued XAU reaction to higher POG will last longer than most think. You know the old saying "fool me once shame on you, fool me twice shame on me.". Well after being fooled many times gold stock investors finally have gotten wise. Time and again POG and gold stocks have rallied sharply only to collapse even faster. So gold stock investors are not going to bid gold stocks up very much until POG proves that it can go up and STAY UP. If POG should rally to Kaplan's target of $330 I doubt that the XAU will get anywhere near his objective of 100. 75-80 is more like it. But once gold proves that it can hold its gains for awhile (or most of them anyway) -- then we could see an explosive gold stock catchup rally similar to what we saw in oil stocks recently. But until gold proves that it can stay up, gold stock rallies probably will not be very impressive compared with earlier gold bull markets.

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