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Gold/Mining/Energy : Homestake Mining

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To: long-gone who wrote (78)	4/3/1998 9:20:00 PM
From: Ed McGrane	Read Replies (1) of 415

Hi Richard, I think it may be just a bit more than the TA's reading their Gold Charts. IMHO these may be some of the reasons for the recent run-up: 1. Japan seems to be teetering on the edge. Moodys just lowered their rating for the Japanese economy to NEGATIVE. With the Banks and Insurance companies near bankruptcy where do you turn? A lot of money may go into US T-Bills or the stock market but I see a significant number a scared investors finally turning to gold. 2. Backing for the new European currency is being discussed. Looks like it may be backed with up to 25% Gold. A month ago most of the governments were considering no Gold or a token 5% backing with Gold. 3. There are hugh numbers of shorts on gold just above $300. These people finally have to start covering the shorts or lose all the profit they made during the last 18 months. Look for these guys to start going long. 4. Most Mutual Funds have little or no Gold stocks. If the general market starts lagging gold, look for these guys to also jump in. Everything goes in cycles. Hopefully ( at least for the few of us that have taken early positions in gold stocks) we will finally see our patience rewarded. Regards, Ed

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