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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Leland Charon who wrote (5431)	10/6/1998 9:32:00 AM
From: Tom Trader	Read Replies (1) of 44573

Hi Leland -- yes I am These were investment positions and were not meant to be traded. Bought on the premise that after almost 20 years of decline/basing in the precious metals there were signs that we could be at the start of a bull market in this sector. Buffet buying silver was encouraging. Timing was clearly off and the fundamentals in terms of central bank selling and the Bre-X fiasco exacerbated the problem. I would have added when the XAU recently closed over its 200dma but given that these stocks were down 40% compared to where I got in--I was not willing to add more funds to the sector. If gold gets to $350 an ounce, I'd probably be whole. Hope that GS and others who have upgraded the sector are right though I must say that with deflation being the current thinking of various economists it is difficult to see why gold should go up significantly. May be chaos in the global economies with negligible yields on the debt instruments may cause this to occur -- but I would not bank on it.

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