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<p>[QUOTE=&quot;maksimfa, post: 535886, member: 17157&quot;]update from today&#039;s investment newsletter.</p><p>&nbsp;</p><p><font face="Arial"><font size="2"><p style="text-align: left">Turning to gold, we were fortunate to recommend…</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">rather strongly we think, for we highlighted the idea in</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">yellow in yesterday’s text and then reiterated it strongly</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">in the “Recommendation” section of our commentary.</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">We were… and we are… fearful that the public is</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">rather aggressively long of gold and that the margin</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">clerks are in control as they issue liquidation orders to</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">sell anything and everything. Gold, having rallied, was</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">one obvious place that liquidity and profits could be</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">taken, and so gold became… at least to us… a rather</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">obvious target for selling. It remains a target this</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">morning, and we fear that the uptrend on the short</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">term charts (the hourly one, for those who are</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">interested) is more and more vulnerable to the</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">downside, rather than less and less. The simple fact is</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">that the bull run that began in mid-January at or very</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">near to $800/oz, became egregiously over-bought as</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">spot gold approached, and finally broke through,</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">$1000. A mere correction back into “The Box” which</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">marks the 50-62% retracement of that bull run shall</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">take spot gold back down to the $880-905 area. That</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">shall be our target on the downside, and it is where we</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">shall return as aggressive buyers of gold. By then, the</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">public’s love affair with gold shall have had its passion</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">dulled… perhaps greatly. By then, relative health will</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">have been restored to the market as the late bulls are</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">shaken from their positions. Patience… patience</p></font></font></p><p style="text-align: left"><font face="Arial"><font size="2">everyone; patience.</p><p></font></font>[/QUOTE]</p><p><br /></p>

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