No comment on Drooy by Heinz, but he sounds concerned about gold. These covers have been working surprisingly well in the past...
@gold technicals -- trotsky, 09:28:55 12/06/06 Wed
a break below 640 can't be good near term. unfortunately, public bearishness on the dollar is at a fever pitch again. a recent Economist cover is particularly concerning. they also put in the low for the dollar LAST time around (an Economist cover announcing a 'disappearing dollar' coincided perfectly with a 2 year low). the Economist is by now famous for spotting trends just as they end, and has become one of the most reliable contrary indicators magazine-cover-wise anywhere on the planet. their classic 'drowning in oil' cover that promised $5 oil within days of oil making a historic low in the $10/bbl. region that was followed by a 700% price rally forever stands as a stark reminder of this fact.
so yet ANOTHER bearish cover story on the dollar is quite disturbing here, as gold has lately taken its cues from the moves in the dollar.
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