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Strategies & Market Trends : Fidelity Select Sector funds
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To: Julius Wong who wrote (3459)3/5/2001 8:58:08 AM
From: Dan P  Read Replies (2) of 4916
 
Julius:

I don't know, but central bankers don't always act based
strictly on market conditions. Also, a lot of the gold
was "leased" to bullion bankers, who in turn sold the gold.
A lot of that is not recoverable (jewelry, etc.). One
of the gold bugs' thesis is that there is a lot of gold
that has been sold or sold short, and any significant attempt to cover these "shorts" would result in a huge up-move in the price of gold. Consequently, there is a
lot of interest in those who have sold short to keep the
gold market quiescent. The gold bugs think that it is only
a matter of time (in our lifetimes??) that the market
will eventually correct this anomaly.
For whatever its worth, a number of analysts including
Marantette believe that gold is forming a major bottom
this spring. We'll see.

Cheers

Dan
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