ASIA AND THE METALS

Good morning all,

For those of us long precious metals and natural resources, yesterday
was fairly brutal . . . to say the least. I know that I got hammered,
losing over 2% in a couple of accounts. But still green for the year
and this sort of thing can happen. Doesnt' make it any easier to take
and I'll always hate it to pieces . . . but so it goes.

Right now gold is at 547.30 -3.40 (this is an accurate spot but stale
drop), silver at 9.27 -.07, platinum is 1042 -5 and palladium is 287
+1.
To get a handle on yesterdays correction, see that XAU is now at 141.05
which was a drop yesterday of 10.80 which is ~7%.

Earlier I had heard about support being in the 520-525 range, but
yesterday one technician put support at 537. If it breaks one or both
of these, I might lighten up a bit and wait for the dust to settle.
However, if it holds in the 540's, I'll probably buy the dip and add to
my positions. I raised a little cash yesterday in other arenas just so
that I'd be able to add to my positions at some point. Sold a little
Korea in my one account (457), but even sold a little health in my IRA
at Price. These are all brokerage accounts but with my 401 and 457 they
won't let me buy pink sheet stocks and Price will.

As for asia, it didn't like anything either. Japan dropped 2.68%, Korea
dropped 1.6%, Taiwan -1.43%, HongKong -.93% and India -.37%. Only
mainland China gained at +.62%. Note that this China action is what we
call a divergence in that it went in an opposite direction of
everything else and where you would expect. In this case, it is
extremely bullish for china proper.

As mentioned above, I lighten up a little on Korea yesterday, but only
enough to give me some cash for buying the dip in the metals. In
addition, I'm going to try to figure a way to buy something chinese -
not sure if I want to go with Matthews MCHFX or US Global USCOX. Any
other alternatives?

BTW, I did have a stock down 16.1% yesterday, which to the best of my
knowledge, the largest single day drop I've ever had.

er, let's not repeat yesterday, OK?

peace,

rono

Re: ASIA AND THE METALS

Bought EuroZinc this morning. Up 10% from 10AM to 1PM.
Missed aet.un and kicking self, put order in too cheap and did not get
filled. Canadian Oil Sands will be interesting in 2 days.
"rono" <> wrote in message
news:
> Good morning all,
>
> For those of us long precious metals and natural resources, yesterday
> was fairly brutal . . . to say the least. I know that I got hammered,
> losing over 2% in a couple of accounts. But still green for the year
> and this sort of thing can happen. Doesnt' make it any easier to take
> and I'll always hate it to pieces . . . but so it goes.
>
> Right now gold is at 547.30 -3.40 (this is an accurate spot but stale
> drop), silver at 9.27 -.07, platinum is 1042 -5 and palladium is 287
> +1.
> To get a handle on yesterdays correction, see that XAU is now at 141.05
> which was a drop yesterday of 10.80 which is ~7%.
>
> Earlier I had heard about support being in the 520-525 range, but
> yesterday one technician put support at 537. If it breaks one or both
> of these, I might lighten up a bit and wait for the dust to settle.
> However, if it holds in the 540's, I'll probably buy the dip and add to
> my positions. I raised a little cash yesterday in other arenas just so
> that I'd be able to add to my positions at some point. Sold a little
> Korea in my one account (457), but even sold a little health in my IRA
> at Price. These are all brokerage accounts but with my 401 and 457 they
> won't let me buy pink sheet stocks and Price will.
>
> As for asia, it didn't like anything either. Japan dropped 2.68%, Korea
> dropped 1.6%, Taiwan -1.43%, HongKong -.93% and India -.37%. Only
> mainland China gained at +.62%. Note that this China action is what we
> call a divergence in that it went in an opposite direction of
> everything else and where you would expect. In this case, it is
> extremely bullish for china proper.
>
> As mentioned above, I lighten up a little on Korea yesterday, but only
> enough to give me some cash for buying the dip in the metals. In
> addition, I'm going to try to figure a way to buy something chinese -
> not sure if I want to go with Matthews MCHFX or US Global USCOX. Any
> other alternatives?
>
> BTW, I did have a stock down 16.1% yesterday, which to the best of my
> knowledge, the largest single day drop I've ever had.
>
> er, let's not repeat yesterday, OK?
>
> peace,
>
> rono
>