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Gold/Mining/Energy : Gold Price Monitor
GDXJ 106.75-0.5%Dec 3 4:00 PM EST
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To: bobby beara who wrote (13354)6/17/1998 10:18:00 PM
From: MUDMAN  Read Replies (1) of 116791
 
BB:

I agree the XAU had a very weak bounce. Let's see how the follow through is the next few days.

I was actually very impressed that the US TSY market did not drop further than it did today. After all we had stronger than expected numbers this week (CPI and industrial production/cap utilization) than the market expected. If in fact going forward Asia will become less of an issue, than investors will begin again to focus on the domestic front. While no one in their right minds believe today's actions are a magic wand being waved over Asia, I feel these actions mark the turning point for the right things to finally happen in Japan. Let us hope so.

In my estimation, the Japanese finally cried "uncle". Of course their words must now be matched by their deeds. But this time I think they mean it.

Going forward, I think we can look for 30 year US TSY yields to head back to the 5.90% to 6.10% range and $/Y to gravitate to $128-132 area. I think gold will have a chance to rally to $315 but unless it moves decisively through $320 (or bonds breakdown and head towards 6.25%) I think we are in the same range we've been in. For the Dow, a test of 9211 will probably happen by 4th of July. Interesting times we are living in! Mudman

P.S. Great call on the LA Times...great minds think alike!!!
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