Sand Spring Advisors LLC
Media Hype is Bearish Gold
February 10, 2003
by, Barclay T. Leib
Though a bull market on gold and gold equity shares that has extended back at least to December 2001, it somehow took until this morning for AOL to get up the nerve to post the above bullish gold article click-through image.
As such, we cannot help but think in a contrary fashion. It's certainly time for a gold price retracement lower. As many investors already realize, the most recent spurt in the physical gold price hardly saw any participation by gold equity shares. This is a bad sign.
Meanwhile the chart below of Anglogold (that we were so very bullish on under $13 a share and subsequently took profits on in the low $20's) also now appears to have become overdone and temporarily "complete" in terms of its Fibonacci rhythm.
We also still greatly dislike the copper chart shown below and feel it continues to miss at least one more new low down towards 57 cents.
Thus, even if we are not correct that equity markets bounce into March 18-19th before a more nasty summertime (a view that we are currently being severely tested on), the metals markets -- from their current price levels at least -- should not offer any safe-haven toward which to flock.
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