Two sentiment services, Schaeffer and Whisper Number, say current bearishness
on gold is bullish. A gold chart analyst I subscribe to, Clive Maund, is short term
ready to trade out if the HUI drops below 222, the 55 dma. Lots of neg. here on
the gold board too.
I think an IT drop in gold is unlikely because it looks likely to so many.
Volume on many micros (like ca:mai, ca:nno, ca:xcl, ca:ndm) has dropped
to almost nothing which says to me that the scared speculators are about done
selling and the vacuum should inhale up volume.
Doug says gold and gold stock trade "perversely" . I agree. I expect to have my
throat cut when I don't expect it, not now when I do.
Schaeffer below from his free Mon. Morn. reports:
Gold (XAU) 102.49 / / The gold sector continues to draw the attention
of pessimists. According to both the sector put/call ratio and short
interest, investors have piled on the short positions in anticipation of
the sector tripping over itself. The rally in gold has caught many
investors' eyes, but many of those eyes remain skeptical, according to the
current sentiment picture. Expect gold's outperformance to continue given
so much negative sentiment toward a strong sector.
Gold Sentiment
Started by
Rock
, Dec 22 2003 03:01 PM
3 replies to this topic
#1
Posted 22 December 2003 - 03:01 PM
#2
Posted 22 December 2003 - 08:00 PM
That's exactly the type of sentiment that makes me feel comfortable with holding my long-term positions...
#3
Posted 23 December 2003 - 08:55 PM
Amen..
#4
Posted 24 December 2003 - 01:07 AM
Added to my portfolio today with $XAU bouncing off a 6 month trendline and 101, also initiated some calls on some way oversold (imho) stocks including GG, KGC, HL. Watch PMU now that KGC has dumped their 17 mil shares (in the Canadian market) as it may continue to weaken with that much new stock in circulation now, but mid .80's could be the buy point. I do have an itchy trigger finger and will lighten my portfolio on any close below 101 on the $XAU accompanied by volume. At this point, light volume down days are buying opportunities. Good luck to all.