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Gold/Mining/Energy : ECM.VSE - El Callao Mining.
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To: John Soileau who wrote (1032)11/12/1997 12:07:00 PM
From: Cascade Berry  Read Replies (1) of 1253
 
Lurker buys El Callao at .45....Well I've been lurking this thread long enough. I bought some today at .45cents Cdn. Call me an idiot, - I've been bearish on Canadian gold stocks since last year - and the trend still seems to be DOWN, but I've decided to start nibbling at some cheap issues. This is one of them. Hopefully you guys will be cheered up to know there are a few gold bears like me beginning to get interested in the sector. I'm expecting gold to rally soon with an improvement in the asian markets. Lately it seems to correlate well with down days on the Asian markets which I think are nearing a bottom - especially Hong Kong. And the end of tax-loss selling should materialize soon. This period from now to March tends to be very strong, correlated with RRSP season, so hopefully we'll get some spillover into depressed juniors. Other than the dead-cat bounce in Bre-x, which I lost a hundred dollars on, I've been out of golds since August 96. Hopefully the carnage in this sector is nearing an end. The Globe's consensus on gold has been around 70% bullish throughout this decline, and is now starting to trend down toward net bearish. This is a good sign. I am a little concerned about a big move up in the Cdn dollar however, if the Bank of Canada starts to tighten. This would also damage top lines of Cdn. resource companies.

Cheers to all.
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