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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 368.31

+0.6%

Nov 7 4:00 PM EST

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To: Secret_Agent_Man who wrote (55219)	9/20/2009 11:11:18 PM
From: TobagoJack	Read Replies (1) of 217633

just in in-tray Australian Business Beware of the over-confidence trick PURE SPECULATION: Robin Bromby \| September 21, 2009 "GOLD: The next move is down" -- that headline on the latest gold report from BNP Paribas was like an icy hand on our heart. Its argument is that we should soon see profit-taking once again puncturing the $US1000/oz balloon. But then we read another view out of London, this time in Money Week magazine. One article points out that open contracts in gold at the Chicago futures exchange, both long and short, now total an all-time record of 1400 tonnes -- or more than half the annual world mine production. Their charting suggests that gold could fall back into the $US900s, but by next year it should be cresting at $US1400/oz. And just think what the price would be like if all the holders of those 451,000 contracts demanded the physical gold. They won't all do that, but even a goodly portion of them wanting the metal could have a dramatic price effect. Meanwhile, Hartleys has sent out a list of companies that meet the low cash costs and expanding production criteria (and with minimal hedging). It expects Gold One International (GDO) to get rerated on the back of production milestones, and it also points to Silver Lake Resources (SLR) and Intrepid Mines (IAU) among the mid-tiers, and at the next notch down Emmerson Resources (ERM), Integra Mining (IGR) and YTC Resources (YTC) as stocks worth watching. We're out of space -- more about these and other precious metals plays later today online at The Dirt.

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