The Chart du Jour

The Timing is Right

August 10, 2001

By, Barclay T. Leib


Chart produced using Advanced GET End-of-Day

As early as December 1999 we grudgingly admiitted that the timing for a substantive gold move to the upside might have to wait until a cycle low due in 2001 -- ideally in August 2001. That window of time is now upon us, and today the metal seemingly popped back to life.

Drawing our Fibonacci bands on the updated daily price action shown above, is that a $303 target we now spy after a potential 1-2-i-ii Elliott Wave count?

We don't want to get too prematurely excited, but the time is certainly ripe for this market to start to come back to life. Be it war in the Middle East or a meltdown in Argentina, or something else, potential excuses also abound for this market to start acting better.

The problem is: After so many prior false starts and disappointments, who's actually left to really believe or care about it?

For one, we have reestablished a few long equity gold positions in recent days, scooping up shares of Anglogold near $18 with a $25 price target. We also remain long of certain gold-share convertible bonds previously espoused to subscribers.


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