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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: Terry Rose who wrote (12575)	6/4/1998 8:48:00 AM
From: Crimson Ghost	Read Replies (2) of 116815

Terry: I have mixed feelings re: gold now. Steve Kapaln is growing more bullish and the triple bottom you mention is quite encouraging. Plus gold and gold shares are cheap again. However, the failure of gold shares to rally together with bullion yesterday worries me. As does still very low lease rates which make it easy and cheap for the shorts to borrow. Another big question mark is whether China devalues. My gut feeling is that this is the critical factor. If they hold fast, I don't see much downside in gold or gold shares at these levels. But if they do devalue their currency substantially new lows in POG are a good bet.

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