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Gold/Mining/Energy : Gold & Gold Stock Analysis
GLD 366.51+1.2%Nov 5 4:00 PM EST
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To: Andrew who started this subject8/28/2003 7:33:47 AM
From: loantech  Read Replies (1) of 29622
 
Quote from CBS:
Chris Temple of National Investor Update (new to the HFD but well ahead of the market over the past 30 months):

"Gold's activities are still ruled largely by short-term traders. One reason for today's action, in fact, is that some options contracts for August were expiring. It appears that at least some of the impetus for today's surge was many of the same speculators who had expiring contracts, say, at a gold price of $365 or $370 goosed a thin market higher so as to exit the older positions at a better level. This is reason to give us a little worry that today's breakout could turn out to be a temporary wonder. I'd feel better about the gold market-and the current pricey level of gold shares-if there was more evidence that stronger, longer-term hands were a bigger factor..."

Temple concludes: "If gold is sooner rather than later able to move above late May's high of $378 per ounce with any conviction, another $20 could quickly be tacked on. At the first sign of a loss of momentum, however-and especially if we start to see an unwinding of the record net long positions-we'll want to cut back...

"For now, keep to your 15 percent portfolio weighting in gold shares."
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