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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: rubbersoul who wrote (42902)4/19/2013 1:28:44 PM
From: Mike M21 Recommendation  Read Replies (1) of 48092
 
Two sayings come to mind bottoming is a process not an event and bottoms are made on time not price. Yes in hindsight we will be able to say that the bottom occurred on a specific date at a specific price. The evidence that this sell off was engineered is compelling but the psychological and technical damage is substantial. Valuations and fundamentals determine prices in the long run but emotions drive prices in the short run. The gold bulls ( myself included) underestimated our opposition. It is a good idea to keep some cash reserves in the event prices go lower than we can imagine. Whatever the reason for the sell off once it started margins calls, fear and forced liquidation took over. Look back to the fall 08 panic the GDX recovered nicely off its oct 20 lows to double in about 6 weeks.
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