February 03, 2004

No Remorse at $400

I'd intended on doing more stock market blogging today. But the work below on the labor market and business investment took most of my time. Market blogging tomorrow for sure. I did, however, run a quick chart on the continuous gold contract. Gold has dipped under $400 the last few days...and some of my techical partners in crime think $380 is in the near future. Today, the signals are mixed. AU, NEM, and ABX are all modestly down. But HMY and DROOY are modestly up. If the dollar keeps falling, the dollar price of gold is going to go up. I'll have more later this week on some internal dynamics in the gold market. But for now, $400 is a good remorse price. That is, in case you're not familiar with a term I first coined a few months go, the remorse price of gold is the price you'll regret not having bought at when gold goes up to over $1,000 an ounce...and higher.


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