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

To: goldsheet who wrote (48091)	2/5/2000 3:35:00 PM
From: Ken Benes	Read Replies (2) \| Respond to of 116950

Bob: Monday is a little early for a correction with too many intangibles in the market. The quality and source of this rally is not as clearly defined as the one in October when the European cb's indicated a reduction in sales and leasing activity. Placers announcement on Friday was somewhat of an extension of the European announcement. First the cb's were limiting leasing activity and now we have a very large producer saying we would not borrow the gold even if it were available during the next year. I still think their are some other underlying factors fueling this rally. When they become evident if they do, a better assessment can be made. Prior to that, Monday may be tentative waiting for direction. If clear direction does not surface by midweek, the market will be ripe for a correction as the first signs of a drop in demand and other propitious announcements attempt to take the market lower. Monday and Tuesday are key days particularly if there is any truth to barricks intention to limit hedging in the current year. That should be good for a spike with further short covering. A reversal after that would be doom for gold again. Will be waiting patiently to determine the quality of the momentum behind the current move. Ken Ken