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Gold/Mining/Energy : Gold & Gold Stock Analysis -- Ignore unavailable to you. Want to Upgrade?

To: gold$10k who wrote (12713)	3/20/2008 11:56:39 AM
From: jimsioi	Read Replies (1) \| Respond to of 29622

This could be a bottom??? In as much as I'm not doing any buying I suppose it very may well be....Just holding on is tough enough..I think I will give these resource markets through early next week to right themselves....I have the feeling something under 900 gold will be seen as some of these hedge funds unwind their leverage through to months end, and that through window dressing for the quarter they'll be some retest of today's lows...Might be wrong...of course, but there has been considerable technical damage done this week which will take some time to digest. Many a new long left holding the bag up at 115 OIL and $1000 Gold..Wouldn't surprise me to see a large trading range develop between something lower than today's lows and short of the recent highs..A trading range that might last 6 months or more... I'm tired .... glad the markets are closed for three days...won't lose any money...

To: gold$10k who wrote (12713)	3/20/2008 1:28:03 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 29622

Interesting comment on the source of the selling in gold futures over the last 2-3 days: Message 24424414 Much of the selling in gold was due to a giant macro hedge fund that had to sell positions in order to meet investor redemptions. John Meriwether, who if you remember was the guy who set up the Long-Term Capital hedge fund that blew up in 1998, apparently faced huge redemptions yesterday in a group of billion dollar hedge funds. His Relative Value Opportunity fund suffered a 24% loss in its fixed income fund. He also has a billion dollar macro hedge fund down around 9% this year. It is likely that he had to sell gold and commodity positions in this fund to meet redemptions or get off margin. If true, this is a truly epic buying opp...kinda like buying up LTCM's positions (by GS then) when LTCM was unwound in '98.