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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Rarebird who wrote (87782)10/6/2008 12:22:52 PM
From: Real Man  Read Replies (1) of 116555
 
Yeah, we bugs got killed. Kudos for that Summer call - you were
absolutely right. I did not expect gold to trade below 800,
nor did I expect gold stocks to get killed as much as they
were. Signs of weakness were out in February as physical
PM market was extremely weak, so I did expect a drop.
Now the opposite is happening, and timing for the rise is
uncertain, as funds are still liquidating their gold and
silver futures longs. The physical market is extremely strong
and gold does have strong support at 800, I believe.
A lot of safe haven buying, while jewelry demand remains soft.
Physical gold and silver are both trading at a large premium
to futures.
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