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Zeev Hed

10/20/02 3:41 PM

#36804 RE: Frank Pembleton #36799

Michael, thanks, just don't rush to buy gold right here, just because I am mildly bearish for the next few days, the metal may hold, but I am not sure about the stocks, I think that they are running into some serious resistance lately. If the weakness in Europe continues, the dollar may once again have a false breakout here, pushing gold back to the low $300, and of course, failure of gold to hold that level may signal the end of the recent bullish move in gold.

Zeev