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Gold/Mining/Energy : Gold Price Monitor
GDXJ 121.59+2.2%Dec 26 4:00 PM EST
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To: Bobby Yellin who wrote (7343)2/7/1998 8:03:00 PM
From: MUDMAN  Read Replies (2) of 116832
 
What is interesting to note is that the gold bottomed the same day that the US long bond yield hit 5.66% interday - its low yield. Also the CRB index bottomed with a few days, and the US $ hit its high against the yen. In watching gold since its bottom, it is really starting to look very resillient. Any attempt to push it down is met with buying. It seems strong at the 3pm COMEX close most days. The one abberation was the big one day drop this week.

I think gold will continue to gradually rise over the few months. As summer approaches, I see it getting back to $350. Most things in life gradually revert back to their means. Gold has traded mostly in a $300-400 range for the past decade. I see it returning to this range in 1998.

I believe the US $$ has seen its peak vs. the yen. In addition to Japan reflating its economy (for real this time), the rest of Asia will recover VERY quickly - something the stock markets of the world seem to be saying. Don't underestimate the Asian peoples - they are educated, have strong families, great nationalistic pride, and a tremendous work ethic. They will bounce back much faster than we all think. As they do, the US $$ will weaken, getting back to a $/Y 105-115 range by fall.

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