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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.04

+0.4%

Nov 11 4:00 PM EST

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To: Broken_Clock who wrote (68874)	5/9/2001 9:25:56 AM
From: russwinter	Read Replies (3) of 116755

The US dollar in general will be the key fundamental factor. But in the short run I'm focused more on the strength in the Aussie dollar and implied volatility (IP)(see red line on chart): mrci.com My reasoning relates to the structure of the short gold market and the extreme vulnerability of Aussie producers who are heavily short their own currency, and who utilize close to the money call writes (the delta) as hedging strategies. It won't take much of a move in POG, IP, and the Aussie to put these significant players in a world of hurt. I'm still predicting that will be a major (and now overlooked)story of the early stages of any gold bull move.

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