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Gold/Mining/Energy : Gold Price Monitor
GDXJ 106.70-0.3%Dec 5 4:00 PM EST
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To: Abner Hosmer who started this subject5/28/2001 6:38:32 PM
From: Crimson Ghost   of 116796
 
Last week's downdraft in bullion and gold stocks is very similar to several corrections in the 1993 gold bull. Those who think we have seen a repeat of the fall 1999 peak will have to think again.

During the runnup to the fall 1999 high, the gold stocks underperformed all the way up. At the top the XAU actually fell a bit on a day when bullion rallied about $25 Too, short-term rates were considerably higher at that time than they are today.

This year the gold stocks have greatly outperformed. And the underperformance just before the correction was quite modest considering the extent of the outperformance on the way up. And the gold stocks have continued to outperform during the correction.

So the main direction remains UP in my view. I look for another assault on the highs in both POG and the XAU after a few more weeks of backing and filling.
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