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To: pater tenebrarum who wrote (85372)	2/7/2001 7:24:40 AM
From: re3	Read Replies (4) \| Respond to of 86076

this is taken from a post on the gpm thread<<<in other bearish developments Tuesday, AngloGold Ltd., the world's largest gold producer, said it would hedge 50 percent of its production over the next five years. is it possible this is just a 'talking down of the market' to get a better price on an equity takeover down the road ?

To: pater tenebrarum who wrote (85372)	2/7/2001 2:32:42 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Heinz, I agree that it's tough to know what the CRB will do here. the RBA (Australia) cut rates 50 basis points last night. this is interesting, weakness in Metals: As we mentioned earlier this week, we have become much more constructive towards Treasuries. While there is definitely a lot to talk about, the first thing we want to look at is the recent breakdown in industrial metals. The JoC Industrial Metals Index has had pretty decent inverse correlation fixed-income thus far this year, taking off on the back of a friendlier interest rate environment. However, the rally failed dead on at the 38.2% Fibonacci retracement of last year's decline, while the dramatic downturn we have seen has coincided nicely with a sharp deterioration in momentum on the global equity front. Not surprisingly, this is where we get back to our largely currency-dominated thoughts that a broader-based follow the Fed mentality is needed to put the global economy back on track. so more global rate cuts are what we should be watching for. 2500ish is the .618 retracement of the NASD advance from Jan 3 to the Jan 24th high.