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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: goldsheet who wrote (96319)	11/17/2003 12:17:19 PM
From: Real Man	Read Replies (1) of 116779

We'll see. Usually, mid-November or mid-December through February is a strong seasonal period for gold. There are a boatload of spec long positions in December futures and options contracts. So, as usual, the risk is pretty high that these contracts will get sold. On the other hand, the speculators managed to win against the bullion banks (that' who, I believe, are the "commercials" shorting gold on nymex) in September and in October. The stakes are very high. If gold gets above 400, it may go up very quickly, since the bullion banks will have to buy gold to hedge their huge call short exposure. On the other hand, it may get sold very quickly if the specs lose the game.

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