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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.78

-1.2%

Dec 31 4:00 PM EST

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To: Alex who wrote (3184)	11/15/1997 8:05:00 PM
From: Gary	Read Replies (1) of 116836

Hi Alex, The Princeton Economics Institute site for gold price forcasting has turned a little more positive for the short term. Their outlook for the London PM ( GOLD )is in fact in the green for the first time in awhile. The Elliot Wave site has turned bullish all of a sudden and says we may in fact have the low by November 25/97. I read Ken Coleman's news letter today and he along with Shaffer are bearish on the BIG market. Coleman suggests the tide is about to turn and said he will recommend gold stocks in his December 1997 letter. I still am wearing my crash helmet. I would bet a year from now things will look much different and I do tend look at things in the longer term. A fund manager said last week on CNBC that he would start buyng gold stocks at the 75 level of the XAU. Coleman also said gold stocks were under accumulation now by some heavy hitters.

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