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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (43998)	10/26/1999 11:06:00 PM
From: d:oug	Read Replies (1) \| Respond to of 116817

breaking out, falling back, breaking out, falling back & back &.... Subj: Midas du Metropole / Veneroso Associates Date: 10/26/99 7:35:33 PM EST From: LePatron@LeMetropoleCafe.com To: dougak Le Metropole members, Frank Veneroso of Veneroso Associates and I have known each other since 1980. Frank was a Wall Street Whiz Kid known for this stock picking brilliance, always coming up with winners even in bad stock market years. Funny enough, Frank started out as a high tech analyst. In 1987, after a year of humiliation, we nailed the copper market. It went from 59 cents to $1.46. At the bottom of the copper market, most producers were bearish as was the press commentary about the future price prospects for copper. Fiber optics was in, copper was out. Problem with that universally acclaimed analysis was most everyone forgot about Asia. Not Frank. However, nothing that can make one so much money is that easy. The copper market vacillated between 61 cents and 70 cents - breaking out, falling back, breaking out, falling back - EVEN THOUGH THEIR WAS LITTLE COPPER AROUND ALL THAT TIME. Finally, the world woke up and the "just in time inventory buyers" were scrambling for copper. Up Up and away the price of copper went. Frank had studied the copper market as a result of his consultant efforts for the World Bank and knew what was coming. I have served a Midas du Metropole at the James Joyce Table. Following it is a Veneroso Associates Gold Watch issued on October 5th. This service is the most prestigious in the gold world and carries a price tag of $8,000 per year as it is geared for financial institutions and gold producers. Frank has worked with central bankers for much of his career so he was not surprised by the Kuwait announcement. In fact, he was waiting for such an announcement. The good news on this big gold down day is that Frank compares the gold market now to that of the early days ofthe copper market in 1987 and is not surprised by this "downdraft." The better news is that Frank believes we are in early throws of a 5 year big bull market and has openly expressed his opinion that a fair equilibrium price for gold is around $600 per oz. Cafe members might like to know that our own John Brimelow is one of the Veneroso Associates. All the best, Bill Murphy, Chairman Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com