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Gold/Mining/Energy : Royal Oak-RYO

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To: Grant Baker who wrote (839)	3/26/1998 4:42:00 PM
From: Eric Freeman	Read Replies (2) of 1706

Michael had better start to assume a position on his knees - he may need prayer seeking intervention if he is short. Remember, usually the XAU is not a laggard in predicting the price moves in gold, today it is on verge of major breakout. It may retrace but looks very strong. If we get a breakout in gold now (before summer) we will see RYO make a big move (IMO)- Remember most people are irrational both ways - going up and coming down(including many of us). The gold chart shows every sign of coming off a major low. It can be argued that RYO is currently undervalued, and therefore any big move - even to $315 - while moving all gold stocks, is going to really move RYO. Meanwhile if it stays in this range people will start to speculate on the opening of Kemess, takeover(hostile), and changes in investor sentiment. Unless something substantial changes, we trade at worst in a tight range for a while. If your in, it has to look good. Ride out the Michaels they may get swept away in the next SHORT while. Eric

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