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August 31, 2005
Katrina aglitter? Wed., August 31, 2005, 1:43 PM
I received the following reader mail. I publish it here along with my reply.
"Hi Bill, How about an update on the Gold Market? It looks like it just bounced off of the $431 mark that we read was significant. Is this a time to get long or are you skeptical? /BG"
"BG: If there is even a smell that the White House/Fed will stop tightening here, gold will pop. /Bill"
Traders of goldminer shares may wish to look to the Daily chart of the TSX Goldminer Index (XGD) to see if the RSI turns positive today.
Gold bullion is up about +2.60 and the USD is very weak today.
The stocks are higher and may be ready for the upside breakout I forecasted a couple weeks ago.
But, again, the big move would follow any hint that the pols in Washington intend to reflate to stave an economic disaster following Katrina.
Posted by Posted by Bill Cara on August 31, 2005 01:45:24 PM | Category: Goldminer Producers