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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: bobby beara who wrote (9770)	4/10/1998 3:16:00 PM
From: Enigma	Read Replies (1) of 116756

Bobby B - such a good chart - you'll see that although it tipped over 1000 in '72 it couldn't hold and in fact couldn't get through during the whole decade of the 70s, and not even by 1982 apparently. Look at the amazing bull and bear runs during that decade. How many people would have the stomach (today) for a drop from 1050 to below 600 - in other words a drop to 5,100 on the Dow today? This was a bear market of about 2 years, including a very dangerous and tempting bear rally (as it turned out). It was the worst time imaginable to be a stockbroker because there was so little volume - the tape moved in slow motion most days, just seemed to be creeping across the screen. The succeeding bull run from 600 to 1000 took just over a year. The more we go up now the greater the potential for a blow off - but by far the worst thing is a drawn out bear market like '73, because if it happens in a day or two like '87 there is likely to be a bottom - not necessarily, but likely. The Bear market in the early '30s, following the post crash recovery, must have been devestating and completely demoralising.

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