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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: steinman who wrote (58816)9/24/2000 10:29:35 PM
From: Stephen O  Read Replies (1) of 116762
 
No they don't which is why we are very near the absolute bottom. I read the last Richard Russell Dow Theory Letter and he made NO mention of gold which must be a first time event as he has always commented on some aspect of gold in every other letter I have read in 15 years. A classic bottom indicator in my book.

Read also this piece by Kaplan

He mirrors my thinking entirely

KAPLAN'S CORNER: QUESTION: How is the news about Intel's declining profit growth going to affect the
price of gold? ANSWER: With a sharply increasing number of ordinary investors finally questioning the wisdom
of being invested in still enormously overvalued high-tech shares, there is going to be a small but growing core
of individuals and institutions who are going to be selling their high-P/E stocks to purchase other kinds of
investments, which may or may not include gold mining shares. This switching is not likely to be very significant
until the Nasdaq has shown repeated failure to rebound from sharp losses, since investors have become trained
to buy on dips due to the market behavior in recent years. In my opinion, the more important implication of
Intel's slowing earnings growth is not the slowing per se, but the fact that it was caused largely by overseas
purchasers being adversely affected by the strong U.S. dollar. As a growing number of corporations perceive the
current "strong dollar" policy of the Clinton administration as being more harmful than helpful, there will be
increased lobbying to replace it with a policy more friendly to exports, which is likely to imply greater corporate
support for a lower U.S. dollar.
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