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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: Yogizuna who wrote (767)	7/29/2003 8:17:19 PM
From: Wade	Read Replies (1) \| Respond to of 48092

Yogi, We just need to hanging on and hang those crooks from their necks..<G>. I thought this thread was dead. Now, I am delighted to see you guys' fireworks. This thread is alive!!Yeaaaaah...... I'll have to pour a glass wine to celebrate and solute to you guys. Cheers. Wade

To: Yogizuna who wrote (767)	7/29/2003 9:34:27 PM
From: Wade	Read Replies (2) \| Respond to of 48092

Some of the answers (or views) of today's actions can be found at here: jsmineset.com Tue Jul 29, 2003 Gold Market Summary Author: Jim Sinclair Gold: The Fibonacci support line held gold today on seven touches by the 9 minute bar. That means that breaking the trade day up into nine minute segments gold's price touched and moved up from the Fibonacci Support line on seven segments. Today it is hard to speak of gold without speaking about the dollar and long bonds because a major auction of government bonds and possibly the first event of overcrowding in the bonds markets is about to happen. When the bull was running wild in the bond market ignited by Chairman Greenspan's bubble building, government auction went along smoothly. Now that the bond market is under unrelenting pressure the auction coming up looks quite scary to the bond market. A crowding out effect by the government borrowing to finance a budget deficit, tax reduction income short falls, a war in Iraq & Afghanistan and the rebuilding of Iraq almost unilaterally will impact the dollar regardless of the protestations of the German Chancellor. A higher dollar may be neutral on gold in the present circumstances but no question a lower dollar is bullish. Today the Conference Boards' Consumer Price Index was announced at 76.6 when it was expected at 85. The fundamental argument set forth by the euro block was that the dollar should appreciate against the euro because the US was recovering from their economic malaise faster than the euro block countries. It will be interesting to see how the European traders see the euro/dollar relationship this evening. It has to be clear that US consumption has been held up by the ease of refinancing consumer's homes. I really do not like even saying that as it is the ultimate degradation of financial ethics. To borrow on your home to consume is total & certifiable madness. However even the Fed Chairman likes consumer heaping debt on their homes to buy cars and appliances as he publicly compliments it in his speeches. This place has become the economic city of Sodom. Assuming the bond market regurgitates the large government borrowing coming up then the end of the housing boom has occurred. That would be so because the cost of mortgages will extend their recent large increases into the future. That would seriously affect the optimism that now exists among stock salesman commentators on every financial media program. That would in turn impact the dollar lower and take gold over $400 easily. That seems a likely scenario to me in the second half of this year. If it does not happen on this auction it will on the next. The spending mad government crowd is coming and crowding out is certain regardless of a drop in business borrowing. ...and more...