Replies to post #396103 on Zeev's Turnips Patch-No Politics (ZEEV)

[Ace Hanlon]

Zeev:

I hope you are right on the miners.

I sold Friday and would like to buy back considerably cheaper.

[Ace Hanlon]

Zeev:

Well the French voted no, the Euro is down sharply, but gold is only off a buck.

That is good gold action any way you slice it.

You still expecting new lows in the gold complex soon?

[Ace Hanlon]

Zeev:

Great call re:gold!

Down 7 bucks this morning on plunging Euro.

I thought it would hold up better, but still sold all my NEM last Friday. Probably will buy back today.

[nwsailor]

Beautiful call Zeev.

"I am not that sure (about the rally in miners), they rallied as expected a week ago, but NEM which was suggested around $35, should probably be sold short term in the $38.5/39 area. I think that if the French turn down the EU constitution, the Euro may take a beating (if it is not already discounted) and gold have a short term swoon down maybe as low as $405/410, with NEM retesting (and I think, holding $34.5) the recent low. If the French ratify, the opposite may happen, the Euro having a short term bounce and Gold bouncing maybe as high a $425 (getting NEM to that bottom of the gap just under $39). After that, I think the economic realities of a stagnant Europe and a relatively strong US economy will continue to lend strength to the dollar getting gold to breach recent lows and challenging $400 (the same $405/10 as in the first scenario). For now, NEM , IMTO should just be a trade in the $35/$38.5 zone."