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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (4906)	10/18/2001 9:05:01 PM
From: John Pitera	Read Replies (2) \| Respond to of 33421

You know when I look at the wave structure of Gold particularly since Sept, I could believe we could retest the 250's or even make a new low, down near 220 or even 200. The longer term trend should be for higher precious metals but as I've mentioned here over the past number of months, we could see most asset prices go down into a bottoming area occurring in 2002, or even 2003. Kodiak bull sent me this interesting bit on Gold: --------- "The global precious metals industry continues to shrink at alarming rates. The stalwart of the bullion business, N. M. Rothschild & Sons, is downsizing significantly and is closing their New York trading desk. In even more shocking news, Credit Suisse has announced the closure of the bulk of its precious metals division worldwide. They will no longer act as a market-maker nor will they participate in the London fixes. They are closing their precious metals derivative business, and their clearing and vaulting facilities. Previously, this firm was the stalwart of the business, with many decades of experience, and their exit from the industry will most probably present opportunities for those still standing. But, overall, the physical precious metals industry is consolidating in fewer and fewer hands. This cannot be considered favorable to producers, investors or speculators." Message 16512820