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Gold/Mining/Energy : Gold Price Monitor

GDXJ 142.13

+5.5%

Jan 22 4:00 PM EST

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To: The Barracuda™ who wrote (34778)	6/2/1999 1:15:00 PM
From: Zardoz	Read Replies (1) of 116900

"What was the mistake that LTCM made?" Battleing the US Fed. The direction they chose for the bonds was correct. They knew inflation was rising. But they never considered the FED would attempt to bail out the remaining world. Even little young me was calling for higher rates then {which would've made gold soar} "How can anyone know whether similar mistakes are being made now?" With LTCM, less likely. With another hedge fund... oh probably. Consider that many people are buying into the dips, is that really a good philosophy? I'm in the buy at low, short at high camp... not cost average down. "It seems to me that the markets miscalculation of price change amplitudes caused the direction of anticipated price changes to be different" I think you are correct. I think the market wasn't prepared for such a dramatic change {especcially in the FED}, and it cause many to turn at the end of the rope. This feed back upon itself.

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