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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)
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To: Richard Mazzarella who wrote (193)6/8/1998 8:41:00 PM
From: Larry S.  Read Replies (1) of 972
 
Richard,

I had a problem with my Internet access this weekend and apparently my post of the Barron's GMI bit didn't make it. Sorry, but I'll try again.

Barron's GMI was 388.52 on 6/4, down from 402.93 last week. With the POG at 2990.70, the ratio is 1.34, down a little. The indicator remains bullish.

I appreciate your posting of your reading of the Forecaster. Have you looked at the latest projection for gold and the XAU from Auger, the Elliott Wave guru (http://www.mgl.ca/~yauger/wrapup.html#wrapup)? It is not something to read before bedtime. I hope todays move was not the spike up that he expects. Its nice to see on the GPM thread that Bobby beara has a different reading of the Elliott Wave tea leaves.

I attended the show in NY the end of May and, while most speakers mentioned the possibility of a retest of 280, I don't recall anyone that wasn't intermediate term bullish. McAvity was less confident that gold would move up from here than he was that silver would move up but he saw very strong support for the XAU near 70. Several speakers (Turk, Coleman, Kevin Smith, at least) mentioned the first week of July as important because they expect an announcement of the quantity of gold that will be held by the ECB. They all expect it to be positive. I was equally interested in the comments of a Swiss Banker from Zurich that was in attendance. He was very bullish on gold and opined that the Swiss would never agree to sell gold as has been proposed.

Cheers,
Larry
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