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Gold/Mining/Energy : CORNUCOPIA RESOURCES CNP.t

CNP 39.00

+0.3%

Nov 6 3:59 PM EST

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To: Steve Hegji who wrote (112)	7/7/1997 10:08:00 PM
From: SnakeInATuxedo	of 336

It sure is! <Kinda> The price action today was quintessential "exhaustion" over in the gold pit at the COMEX. There was complete, total, bend-over-and-take-it-with-no-Vaseline surrender by sellers, and the pit traders were more than happy to oblige. Note that the price retraced 1/2 of its decline. A bit more weakness tomorrow morning, as the last of the lambs calls their commodities broker and says "I don't care what price I get, get me OUT and don't EVER mention gold to me, again", and gets the lows of the day as final insult to heaped-upon humiliation. Then a rally, then a re-test of maybe $320 on lower volume and declining open interest. The REALLY good news I saw was that speculators are nearly record net-short gold; as a groupe, they're almost always wrong, so this in itself means we're at or near a major bottom. Get out the dry powder. Regards, -Perk-

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