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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (11320)	5/5/1998 10:53:00 PM
From: PaulM	Respond to of 116815

Richard, about the gold market, I have the feeling, not shared by many, that just now the shorts are "tired." I don't pay much attention to technicals with gold, because like oil I view it as a political metal. (But I'm surprised how successful some on this thread have been with technicals). Fundamentally, I feel we are at the "end of the line" (a phrase used by Butler a silver analyst on Kitco) with regard to falling gold prices. We're below the level that would put much of S Africa out of business if it continues. I'm of the "short position too large to be covered" school, a la venereso. And the problem for gold bears is that shorts have an incentive to cover once the thing shorted is no longer going down. Even if it doesn't go up.