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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Crimson Ghost who wrote (14767)	7/21/1998 5:22:00 PM
From: Gabriela Neri	Read Replies (1) of 116770

The bond market sold off all last week in anticipation of Greenspan testimony. It is allowed a rebound and due for one. If you think that low at 121-30 in September futures is going to hold, you are dreaming. That is a price spot so obviious that if I were a bull I would be quite worried about this rally having legs. Generally, anything that obvious will not withstand the test over time. One day does not carry any meaningful significance. As I said earlier, expect the gold stocks to head lower into the next few days. After that, its blue sky and if you dont own them, you missed the first leg. Greenspan talk about fighting inflation is great fodder for the bond bulls. Trouble is, it is just talk. Money supply is growing like the blob and the fed is already too late to stop the inflationary cycle from upticking somewhat. Greenspan talks the talk but he DID NOT WALK THE WALK.

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