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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: paul ross who wrote (26243)	1/15/1999 7:48:00 AM
From: Hawkmoon	Read Replies (1) of 116764

Paul, You bring up a good point. The specs are "short" for a good reason. They expect the price to go down under deflationary pressures. The commercials are "long" for quite another reason.... To maintain their pricing structures and profit margins. They are defending what indeed may be indefensible in order to hold the line here in this price range. They know if they break through support here, it will have a dreadful impact on gold prices as gold wallows around at lower prices looking for another price support. So goldbugs have to convince others to buy gold in order to force a squeeze. If they fail to convince enough buyers to hop into the metal, the specs will win and gold will able to be had a far lower prices. (And Fiat money will reign once again.) I still think Bill may be on to something, but I'm just seeing it from a different perspective. Gold longs are wounded and Specs are smelling blood in the water. And there is no reason for the Fed to step in and intervene when gold competes with paper currency in people's hearts. Regards, Ron

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