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Gold/Mining/Energy : Day trading in Canada

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To: keith massey who wrote (636)	10/2/1998 7:39:00 PM
From: the Chief	Read Replies (2) of 4467

Contrarian opinion! I have watched this turn-around of gold with "suspicion", In fact if you remember a couple of weeks ago I was predicting an end to the rally. I am starting to surmise that we are probably on the edge of a global economic recession. The only wild card holding up this "stack of cards" is the US economy. Not unlike an old man who you load with ever increasing weights, he will eventually buckle. Based on that assumption it is logical to see perceived "overbought" conditions occur! When people move large masses of money out of equitites and then watch currencies skampering to and fro, they flock back to gold! This in turn will proliferate central bank "hoarding again, and the process will become self-fullfilling. That is $400 oz gold! There is a continuing "compounding" oscillation of uncertainty out there, at the moment! We can now look at 2 opportunities; 1) ride the wave of heavy buying with large price swings (daytrader heaven) 2) start positioning your mid-term/long-term portfolio with some mid-cap gold producers! Mid cap gold producers are not responding as well as PDG/ABX/NEM they appear to be "fairly valued"! Couple the existing shareprice of the big three with poor to undervalued mid-caps and you have "hostile takeover" opportunities. The last thing to consider is that the ensuing currency crisis will alleviate the whipsaw effects of central bank selling announcements in the future! Just another one of my bird-brain opinions! <ggg> the Chief

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