"Totally OT: If nothing similar to the WMD found in iraq should **** be considered a war criminal?" ---------------------------------------------------------------
chainik...
If there were no WMD's why are all their troops carrying gas masks??? Just the latest fashion, I guess - Iraq chic.
I don't know what smart people here think about Schaeffers in general but he does not seems to be a crazy gold pumper to me. I find the following encouraging (I am long gold and silver miners).
Turning Bullish on Gold By 4/3/2003 11:12 AM ET
Last night, Schaeffer's Investment Research changed its posture on gold from "neutral" to "bullish." Here are the drivers behind that change.
Sentiment
* Schaeffer's put/call open interest ratio (SOIR) for gold futures has been steadily rising over the past few weeks, indicating a pessimistic shift from the speculative crowd. The chart below illustrates how this SOIR reading has charged sharply higher of late despite relatively steady price action from London gold spot prices.
Note how this ratio was declining as gold futures retreated from their February highs. In others words, as call speculators began a prolonged period of dominating the gold futures options pit, the yellow metal declined further and further. Sentiment has now changed, with put speculators dominating the options pit as gold's retreat slows.
* Additionally, the composite SOIR for the gold sector (13 equities in the precious-metal industry) has been in uptrending mode since the end of November. The SOIR reading currently stands at 0.49, which is in the top 20 percent of all annual readings of this indicator.
* The Consensus Index of Bullish Market Opinion (Kansas City, MO) polls brokerage firms and investment advisors on commodities and currencies. Of late, the index has posted a sharp decline in the opinion toward gold. Since mid-February, bullish sentiment toward the yellow metal has dropped from a 71-percent reading to 44 percent. Technical
* June gold futures (GC/M3) are currently perched at a region of possible two-tiered support. First, the futures are hovering around the 320-330 region, which previously provided resistance for the futures prices in May through November of 2002. Secondly, GC/M3 is flirting with its long-term ascending 10-month moving average. GC/M3 has enjoyed consecutive monthly closes above this trendline since December 2001.
Schaeffer's Investment Research's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. We call this Expectational Analysis®. Click here for details.
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