Hello to all,
Have not posted in quite some due to lack of available time (getting a new business off the ground over the past months and family issues).
Recently spoke via e-mail with Mr. Cash - which as always was a refreshing reminder of everyone here on the board.
For the record - I would be interested in the get-together which has been proposed. Would prefer a US locale such as Las Vegas but admit that the idea of Fortaleza is interesting!
Remain very bullish on gold BUT now short-term only.
I have the current rally as 5-3 of WAVE 1.
I have HUI topping out at ~115/Gold price at ~460
Timewise, this wave 5 ends at ~ the end of this month.
(Price and time based on fibo targets of price rise since lows)
WAVE 2 should then run into the end of the year (to the 40 week low) and should be matched by a significant counter-trend rally in the US$. WAVE 2 retracement could take gold back down perhaps to as low as $375.00.
It will be interesting to see what Prechter has to say if/when gold surpasses the December 2004 high since he had a recent article proclaiming that this peak (12/04) was without question the end of the line for gold.
Bliss - still don't understand your aversion to gold/gold miners.
Gold is still very much undervalued at current prices. Gold has risen 50% in pricing since I started buying. That 50% has been able to be highly leveraged via futures. The miners are only starting to wake up now - and this should be where the action will be in the next series of price advances after the coming correction.
Current positions
+yg futures/ bgo/fcx/pmu/cal.to/ego/glg/cde/hl
Will move out of these to cash when the above targets are met(sooner, if up-trend line is breached)
Regards to all,
Gary
AI
