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

To: mishedlo who wrote (8060)	2/13/2004 5:21:35 PM
From: russwinter	Read Replies (5) \| Respond to of 110194

The spec position on futures w options has been reduced from a high of 193,079 on 1-13-2003 to 126,672 now. That's quite a liquidation, and yet the price has acted well. Personally I'd like to see it below 100,000, but in a crack up boom climate, that may be asking too much. So I'd be moderately bullish on gold here, with the caveat that moves (but not necessarily a move) in interest rates will be bearish. However, if one thinks the Wizards will just continue and stand by as the inflation evidence continues to ratchet up, then all these precious and other metals will continue to go ballast. The real stories are the key industrial metals, copper and nickel. I don't expect that there will be scarcely a pound of either in above ground inventory anywhere on the planet by the end of April. I'll leave the consequences of that for you to determine.