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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: lorne who wrote (62904)	1/24/2001 8:51:43 AM
From: Richard Mazzarella	Read Replies (2) of 116753

lorne, that's what I like, the happy talk is over. Maybe we can now get the capitulation POG requires to springboard significant appreciation? All the calls the other day was classic to forecast lower POG. However, we are now so close to the bottom that the miners (xau) may hold up by anticipating the actual POG bottom. Capitulation to $200-240/oz is likely IMO. Additional miner consolidation would also be helpful. It wouldn’t surprise me if the big hedged guys pick the bones of the unhedged to unwind their poor POG leverage.

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