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To: patron_anejo_por_favor who wrote (101015)	5/9/2001 4:52:50 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

well, i see it this way: most of the gold lending over the past years has a pain threshold of $290...go above that, and the carry trade smarts BAD. however, they'll be full of hubris...they'll think, 'oh well, we've survived the '99 jump to over 330 without even a flesh wound,and when we went whining to the CBs, supplies immediately flowed again, etc.' so they won't cover at 290...or 300...or 310...but eventually, they will. too many are sitting on the same side of this trade in the belief that supply is unending...i think their covering will bring about wave 3 of 3 in the PoG itself. but first we'll have to arduously and slowly get to that point...i'm expecting lots of pullbacks along the way...if it is the real McCoy that is. in that case it should continue to be emotionally extremely difficult to stay the course - but then, there'll be days like today aplenty too.