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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

Nov 26 4:00 PM EST

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To: long-gone who wrote (23798)	12/4/1998 1:32:00 AM
From: Rarebird	Read Replies (1) of 116768

< Just wondering someone else's take on the stock performance today (and recent) of the bigger mining companies? > I basically only follow ABX, NEM, & HM closely. There has been a tremendous amount of tax loss selling here. ABX and NEM felt the brunt of it today. HM saw some very large blocks ( I saw two in the last 5 minutes of trading: 75K and 108K ) support the shares. Moreover, Gold is under tremendous pressure as a result of the CRB and the price of oil. There is so much despair in commodity land these days that even a nice fall in the dollar along with interest cuts in Europe can do nothing for the yellow metal! Investors and traders are in great despair over attempts to reinflate the global economy. I see continued pressure over the next couple of weeks, with a possible retest of the 44 level on the XAU. To be sure, Gold is a " perceived value." Fears and Uncertainty abound about possible Central Bank Selling as the Euro gets launched January 1. I'm a value player, not a Gold Bug. I've been accumulating many shares of the bigger mining companies lately ( including today ). There is no value in the stock market anymore. The banks, brokerages, many hedge funds and many Americans are way over leveraged. The situation in Brazil and the rest of Latin America will blow up like Asia in 1999. GDP Growth is intricately tied to the stock market rising. In my view, the "perceived value" of Gold will soar in 1999. Greenspam's band aid approach temporarily took the stake out of the S@P. No band aid will help in 1999. Relax and stay cool. I almost lost my mind in 93 when I owned PFE. But I bought more and more. I did the same thing this past spring with MO as the Gov't went on the prowl again. I'm buying all the way down over the next few weeks. When things are darkest and most bleak that is the time to buy! Gold is a big winner in 1999. Be patient.

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