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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Rarebird who wrote (26334)	1/17/1999 5:32:00 AM
From: baystock	Read Replies (1) of 116764

<<In a Great Bear Market, all news is interpreted negatively. >> Certainly seems to be the case with Gold. It has essentially gone sideways for more than a year yet the pessimism towards it deepens, which doesn't makes much sense. We see the converse in the stock market where all news appears to be interpreted positively. Just a few months ago the financial powers drew a line in the sand against Brazilian devaluation. Now when this is breached it is perceived as positive and the Brazilian stock market pops by 33% in one day. <<The speculators will get burnt here big time, which is what usually happens to them as they establish their short positions at the peak of maximum pessimism.>> I think the gold bears believe they have the federal reserve and treasury on their side. But maybe at some point the US will cut and run and devalue the US dollar against gold as Brazil was forced to do, what do you think ? Ram

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