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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (2365)	11/18/2003 8:34:23 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 110194

well, that is an interesting scenario. gold with even a high 4-handle seems to be already discounted and then some in many miners. if gold were to spend 2004 just "digesting" a 4-handle, i can't help but think the miners are headed for an "accident". that's not to say they can't rally another 20% or so, but it is not my cup of tea anymore. i have sold off all my miners except a bit of NEM i protected with puts. i am going to bail on NEM next week, but maybe i'll see if they can hit 50 in an upward blowoff spasm. glad i sold my largest holding, FCX, a couple weeks ago at 41. notice that it has lagged the other miners despite vastly outperforming over the past year. a bit of negative divergence? i will look to get back into NEM in the low 30s; FCX in the 20s; GSS in the 3s; IAG in the 4s; and all the "little guys" at whatever i paid for them before they tripled. maybe lower if the stock market has an accident. might have to be patient though, and of course i could be wrong... also interesting, i guess that gold ETF is supposed to go live sometime in December. i might prefer to park a gold allocation there unless the miners get cheap again.