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Gold/Mining/Energy : At a bottom now for gold?
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To: Bobby Yellin who wrote (1042)1/9/1998 2:16:00 PM
From: Crimson Ghost  Read Replies (1) of 1911
 
Bobby: Gold's failure to rally despite a soft dollar these past 2 days is quite bearish near-term.

Looking beyond the very short-term, the Asian situation is the key to all of our markets -- stocks, bonds, and the dollar, as well as gold. The way I see it, the big surprise of 1998 will be that the U.S. markets will continue to hold up well as long as Asia is in trouble. But once Asia bottoms out and starts higher on a sustained basis, Dow 6,000, 6.5% long bond yields, a much lower dollar, and $300+ gold will soon follow.

Why? Because the huge inflow of capital that has pushed up the dollar and bonds -- thereby limiting downward pressure in the equity market and placing heavy pressure on gold -- will reverse itself with a vengeance
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