Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

George, you may be a little premature on gold here, Barrick and Placer are already making 52 weeks low, I wonder what it will take for the rest of the group. I think that the XAU is "forecasting" sub $300, today it got too close to $300, and as I suggested some time ago, if after the move to $330/40 (we never even got close to $340), we breach $297, we will see the $260/70 area again. That is quite strange actually, since the dollar has not regained much strength, by the dollar measure, i would still guess gold should have been in the middle of the $300/$330 range. The weakness might be associated with the "nassacre end" stage (we are still meandering here in the last few days of an unplanned extended phase IV <g), as I have suggested about six weeks ago, but that is more severe than I expected, thus my suggesting that your move back in might be a little premature. I don't play the "yellow" myself, so my intuition on this one could very well be faulty (it is faulty often enough on sectors I play extensively <g).

Zeev