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

To: Enigma who wrote (56509)	7/19/2000 6:14:22 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 116835

well, as soon as the price was freed up from the $35 artificiality, supply and demand DID determine the price. after all it didn't go to $850 right away...it got there gradually, although of course the final stage of the rally was a bubble like blow-off move. it is interesting that all bubbles, no matter if in currencies, commodities or stocks tend to go into this parabolic blow-off stage at the end, accompanied by ever more extreme predictions of where prices are going to go. in 1980 $2,000 gold was a 'certainty' just as a 50,000 Nikkei was a certainty in '89 and a 6,000 Nasdaq as early as March this year.... the early to mid '90's Yen bubble, when dollar/yen went to 80 was similarly graced with absurd predictions at the top. perhaps we should therefore treat the more extreme downside predictions for the PoG with some circumspection as well...things tend to look the worst at the bottom after all. purely from anecdotal evidence via the various gold dedicated sites, there seems very little conviction left that any sort of sizeable or durable rally can be put together. at the most recent low market vane gold bulls had shrunk to 22%...that's historically a very low level as well. we'll see what kind of sentiment extremes the current downdraft produces.