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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Syd Deem who wrote (16089)	5/18/2001 2:20:31 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

XAU clearly broke, and could keep up even if gold gets back under $270, I would keep the stock if I had any, I don't have any however. Zeev

To: Syd Deem who wrote (16089)	5/27/2001 7:06:44 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 30051

Syd, since May 18th, when I suggested to stay in gold (cyclically), things have changed drastically in the last 10 days, IMTO. The "Commercials" have now about 65,000 contracts short, they have not had that lopsided a position since 1996 if memory serve (they had a higher short position then and it proved quite correct). Small speculators are completely out of the short side as well. That by itself would not have swayed my former short cycle bullish position on gold, but, the strengthening of the dollar against the Euro, the declining lease rates, the sharp reversal both in the metal and the XAU late Friday, coupled with the "commericals' lopsided position indicate to me that it is high time to take these gold profits and put them in the bank. I hope you had a fun run, but $300 on the metal is till going to be a veritable barrier. As with all other stocks, being flexible and changing your opinion keeps you alive to come and fight another day. I think that George was also bullish on this gold drive and very correctly timed the bottom, and thus, if he wants, he may desire to reexamine the "bullish" position on gold. It is simply a return to my normal secular position on gold, which many here are familiar with. As a Leviite, I don't touch the ghastly metal (VBG), once is enough (VVBG). Zeev