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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: NOW who wrote (13553)	5/9/2004 11:01:15 PM
From: russwinter	Read Replies (3) of 110194

Bill Fleckenstein on gold and my sentiments exactly, hope to buy even more gold stocks tomorrow: Gold jilted in jig time Turning to my antidote to Al, I was astounded to learn how lopsided sentiment has become toward gold. This, by way of the following e-mail from a friend (who I believe was paraphrasing the service he takes): "The 10-day daily sentiment index (DSI) has quickly gone from an excess of bulls to a new record low in the same. At 10.5%, the 10-day DSI has not been lower in its 17-year history." I think that is a very powerful statement. Not only do people who hate gold hate gold, but it looks like a lot of the people who used to love gold now hate gold. I strongly believe that the lows have been seen for the metals and have positioned myself accordingly. Differing with a yellow-dog analyst Speaking of gold, the following comment by John Doody in the current “Gold Stock Analyst” strikes me as the perfect bullish contrary indicator: "This gold bull market has at least paused and probably ended. . . . The good news is that we don't foresee the lengthy gold-price erosion that dominated the five years after the last bull market. . . . We see a trading range bounded by $350 and $425." I certainly don't want to make fun of John. As regular readers of my daily column know, I am a subscriber to his service and very fond of his bottom-up gold-stock analysis. (You can visit Gold Stock Analyst on the web at www.goldstockanalyst.com.) It's just that I have seen this so many times early in a bull market after a nasty correction: Folks get off the scent for one reason or another, and rarely get back on board. John's logic should be read. Who knows? He might be right. However, I wanted to reaffirm my views -- and to note that I have backed them up with recent purchases of gold and silver bullion. For what it's worth, I love the position of being contrary and yet with "the trend."

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