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Strategies & Market Trends : Strictly: Drilling II
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To: nspolar who wrote (4711)12/1/2001 10:42:51 AM
From: Crimson Ghost  Read Replies (2) of 36161
 
The gold situation is looking better by the day.

Gold stocks have been MUCH stronger than bullion. The Fidelity Gold Fund (FSAGX) is just 2-3% below its September peak although bullion has dropped 20 bucks since then.

As Isopatch points out lease rates are rising with the biggest increases at the short end.

And the commercials have liquidated their huge short position and now are slightly long.

The Euro decline against the greenback seems to have troughed with the former rallying sharply on Friday.

My expectations still are more restrained than some here, but it does look like POG may make a run at the September high of $295 before too long. And rallies of perhaps 20% in the key gold stock indices look quite probable.

PS: if the commercials were to go heavily long in the weeks ahead, then we could see a rally of as much as 50% in the gold stock indexes and POG again poking its head above $300.
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