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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (21629)	7/31/1999 12:23:00 AM
From: pater tenebrarum	Respond to of 99985

Bobby, you're quite right about gold bulls throwing in the towel. many say now that yes, they expect a bull market in gold, but just not yet. an often cited target for the bottom is 180. rarely is the XAU divergence remarked upon anymore. i read somewhere that the total market cap of all gold stocks listed on U.S. exchanges is now $23bn. that's less than the market cap of YHOO. such enormous imbalances usually get rectified in a swift and violent manner, similar to crude and the oil stocks when they bottomed out. remember the disbelief w/ regards to OPEC's discipline while crude rallied hard. prior to it's bottom targets of $8/bbl. and even $5/bbl. were bandied about. the only guy i remember who consistently argued for a bottom being near was Jimmy Rogers. he was a bit early time-wise, but he caught the bottom nicely price-wise. gold is still 'the' hedge against financial accidents imo. hb