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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: Andrew who wrote (1112)12/6/2003 12:15:33 AM
From: Wade  Read Replies (2) of 48092
 
Andrew,

It is great to see that POG closed at $406 today. Most of the gold stocks rebound well, however, did not create new highs. Your timing to squeeze out the last drop of profit has been very good..... better than IRS<VBG>. Hope you bought your positions back just in time.

POG/SPX ratio showed that gold is still in a long term bull market and the short term trend is very favorable for more gains. XAU and XAU/SPX both showed consolidation pattern. The stocks were running too hot need cool down as you said. Nevertheless, the long term trend is still very bullish. We should see much higher amount of cash pouring into gold mutual funds after new year.

I put down my last portion of cash reserve onto ASA and DROOY today. My big bet is that S. A. government won't let the gold mining companies to close and lay off more people. Rand has been stronger than gold in the last 12 months which doesn't help their other exports either. I expect Rand to stabilize and probably peg onto gold (gold standard)....as suggested in one article, which I could not find any longer, at Gold-Eagle web site. I think it is a wonderful idea. S. A. gold stocks should get at least a double if their government announces gold standard. I think that day is closing in very quickly....well, unless there are other good reasons prevent them from doing so. Good investing.

Wade
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