At a bottom now for gold? Message Board

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Gold/Mining/Energy : At a bottom now for gold?

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To: Brian Gerbozy who wrote (821)	10/24/1997 1:27:00 PM
From: Roebear	Read Replies (1) of 1911

Brian, Gold was holding in 315 range (spot) just awhile ago. Any more negative news and yes I am afraid it could go down further. Support at 310 and 280. This jump out of the plane was caused by announcement of swiss that a panel of financial experts suggested they sell 1400 tonnes of gold ($14Billion) over a period of ten years. The reaction seems a bit overdone as the Swiss said for now they are sticking with tehir original plan to sell $7Billion worth of gold over ten years, which I believe is one of the things that got the gold bear going early last spring. In any case this requires a constitutional amendment and a popular vote by the Swiss and would not go into effect until 1999. There is some talk now on the net that the Swiss will only loan gold. Although I am not too much of one for conspiracies, the timing today of this negative gold news (more or less rehashed at that) with stock markets around the globe down sharply is beginning to make me a believer in the anti-gold conspiracy theories. Is this a good time to average down, buy more gold or mining stocks? Except for BCMD which has explosive potential on news, I'm trying to figure that one out myself right now. Best of luck, Roebear

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