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Hard to say why gold sales are preannounce rather than quietly selling into
the market. Certainly there is not much which is less popular right now than
gold and all governments are sellers - a strong set of contrarian signals.
Still, once the 78.6% retracement failed on June gold there is absolutely no
reason to be holding gold futures until there are some signs of a low. The
picture in the gold stock index (attached) is a bit different but it is for
now, at best, a hold if support holds here. The good news is that gold
stocks general lead gold prices so it the XAU holds we may not have to wait
long for a bottom in futures.
Earl
----- Original Message -----
From: Stig Olausson <olausson@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Tuesday, May 11, 1999 6:18 AM
Subject: Sv: FUT Gold, is the game up?
>
> Can anybody explain THE REAL REASON for such a statement?
>
> I thought everybody was interested in getting as high a price as possible
> when selling something.
> However telling the world that you are flooding the world with gold before
> you sell must have a negative impact on price. so why telling everybody??
> Furthermore, would it not be considered irresponsible by the british
people
> (to whom the gold belongs?) to start a firesale?
> Or are the British in on the conspiracy to keep goldprices down (to avoid
a
> dramatic fall in Bondprices ---> stocks, according to the piece) that you
> could read about in the harry Schulz letter some time ago?
>
> The same day gold fell $9, silver produced a bullish engulfing pattern
that
> engulfed the 3 most recent days !
> Any opinions or facts out there?
> Stig
> ----------
> > Fra: Earl Adamy <eadamy@xxxxxxxxxx>
> > Til: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Emne: FUT Gold, is the game up?
> > Dato: Saturday, May 08, 1999 6:55 PM
> >
> > Now comes the Bank of England telling the world they are liquidating
> their
> > gold and gold futures tank falling to a 78.6% retracement of the recent
> > rally before recovering modestly. So is the game up? I don't think so.
> Any
> > other opinions?
> >
> > Earl
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