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Mike ,
I was using a spiral calendar date of 10 - 24 - 97 as a trend change date in
Silver, and I generally apply the concept to gold as well. I have made two
trades in Feb gold, and stopped my self out of both because I didn't get the
volatility I was expecting to the up side.
I am looking for the metals to rally when stocks decline. I think the 11 -
24 - 97 date is the likely time for the stock market to start declining for
real. So I will probably try another trade in gold about that time. In
the mean time, I will place a buy stop above todays hi thinking that price
might decline into Friday before gc8c turns up.
I don't think the action in the xau gold and silver index is acting well
either. I would have expected it to have better volatility to the upside
than gold bullion if the turn up was for real.
This may be further evidence that we are entering a period of deflation, as
some have suggested.
Jim Peeke
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