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Gold/Mining/Energy : At a bottom now for gold? -- Ignore unavailable to you. Want to Upgrade?

To: Alan Whirlwind who wrote (1339)	7/1/1998 5:45:00 PM
From: Bo Bob Brain	Respond to of 1911

I really missed the call with Silver, traders rolled over into the September contract instead of liquidating their positions, supporting the market. I should have re read one of my own posts stating that Silver is weak until June 28. #reply-4587394 However, the S&P, soybean, and crude oil markets are moving along right on target. Gold has gone up so many times only to come right back down. Have been unable to break above $300 to the next resistance at $301.80. There is a gap lower on the charts which should give gold some support. But if gold gaps lower, that would give us a two day island top, which would be negative. We need more follow through in gold and silver. With the stock market moving higher and with the economy slowing a bit, I don't see anything dramatic happening yet in the gold market. Every stock index made a new high today except the Dow. During the April high, the Dow lead the way up. Now the broader market is making new highs while the Dow lags. We are going through a distribution process. Strong hands are selling to the weak hands. The downside risk in stocks is high with upside potential of perhaps 5%. This is not a good risk/reward ratio, the opposite of gold and silver. Not much attention is being paid to Russia right now. They cancelled a scheduled T- Bill sale due to lack of interest. They can't raise money by selling government debt. A vote scheduled in parliament to reform the tax collection system. The IMF said that if the law was not passed, no more funding for them. The European currency markets were nervous over that resulting in declines in D Mark, Swiss Franc, British Pound, pushing the US dollar index up. The markets always surprise us. They always do what the majority of people do not expect them to do.