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Gold/Mining/Energy : Gold Price Monitor

GDXJ 134.74

-0.9%

Jan 21 4:00 PM EST

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To: Terry Rose who wrote (11102)	5/2/1998 8:24:00 AM
From: Richard Mazzarella	Read Replies (2) of 116898

Terry, <<had their correction and are very undervalued>> That's from all time highs, but the XAU went up 24% during the last 2 months and although corrected is still near the general market appreciation this year. Since the XAU represents the miners, expect a correction of the XAU on any sharp stock market correction. If somehow the bear just slowly eats this bull market, then you could see the XAU do it's 1/2 inverse (goes up 0.5% for every 1% the stock market falls) the market decline. From reading, I understand that most people, including professionals don't know they are in a creeping bear market until it's too late. IMO owning the metals doesn't make much sense, the miners (XAU) are more highly leveraged to the metals. Owning the metals creates a whole different set of problems. If however you believe that a total world collapse is imminent, then some good guns and lots of water, caned food, and ammunition makes more sense. My guess is that we are heading for a sharp serious S&P decline. I think that the EMU decision on gold reserves is months away.

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