Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	2/27/2002 1:49:43 PM
From: Louis V. Lambrecht	Read Replies (3) of 36161

Sh..ee..t! Guys at schaeffer's going bullish gold. Waiting for my shoeshine boy to ask me my opinion.<vbg> schaeffersresearch.com This Gold Rush May Not Be Over Yet By Todd Salamone 2/27/2002 9:55 AM ET Last week, the April 2002 gold futures contract held on a closing basis at $292.50.. This represents a 50-percent retracement from its January 29 low (at $278.40) to its February 6 high (at $307.50). The lowest close last week was $292.60., while the 50% retracement level of this important short-term high and low is $292.95. The GC/J2 is now making another assault on psychological resistance at the round number $300 century mark and also another 50-percent retracement level. The $299 level is the site of a 50-percent retracement from the February 6 high (mentioned above) to last week's intraday low on February 21 (at $290.50). Also worth noting on the monthly graph is that the contract found support last month at its (now) rising 10-month (or 200-day) moving average (see the charts below). The recent gold rally has been met with skepticism, but the bullish technical picture tells a different story and that's why we're bullish on the yellow metal. An example of this doubt emerged in a February 8 article in the Financial Times titled, "Gold's Present Glitter Could Prove But A Fleeting Flash." Comments from this article include: "There are strong reasons to doubt whether gold price will ever return to the heady levels last seen in the 1980's...recent gains in gold mining stocks, as well as the underlying metal, could prove fleeting." "If there was ever a time for gold to regain its glitter, it was the final quarter of 2001 … This failed to happen and is evidence market fundamentals have changed." "Central banks have been selling as much as they can under the …[Washington Accord]" "Gold has lost much of its appeal to private investors." "Even gold jewelry may be losing its allure … platinum may be a better buy." "It seems unlikely that gold will regain its former price levels - or its status - and may be confirmed as simply another commodity metal." "John Maynard Keynes, who branded gold as a ‘barbarous relic' in the 1930s, may yet be proved right." - Todd Salamone

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