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To: Horgad who wrote (275721)	1/30/2004 3:25:01 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

Of those, only GFI, HMY and RGLD are primarily SA miners, and GFI has substantial non-SA holdings. So you're only talking about 20-25% of the whole index. And POG in Rand stopped moving down about 8 weeks ago (though there has been considerable backing and filling). So I don't think that really changes the argument that the divergence is worrisome. Not that it can't reverse from here, but it certainly means stops should be placed or raised on trading positions. I'm about 22% weighted in dirts right now (and another 6% in physical), which is slightly above normal, but I'd cut half of that if HUI 200 got taken out on a daily close, largely because a correction at that point would likely shave another 10-15% minimum in a hurry (and more if the general markets collapsed, but I don't think that's in the cards just yet).