A gold/HUI/XAU Wave 2 Cyclical Bear Market began on 3-17-08 (XAU on 3-14-08), the same day the US Dollar entered a Cyclical Bull Market. See annotated charts 1, 2, and 8 at http://www.joefrocks.com/GoldStockCharts.html .
i agree...im a big fan of auy and the fundamentals of the co., as well the vehicle it plays in the current and future market enviroment. same page, but i daytrade on top of my shares banked.
Gold's short term countertrend Wave B that began on 9-11 probably peaked on 9-18, countertrend meaning that gold probably didn't bottom on 9-11. GDX/HUI/XAU probably put in an important Wave A major intermediate term cycle low on 9-11.
The response which I replied to is from 2:02am this morning. He is talking about a safe haven move which is part of the story.
The mother of bail-outs which was news on Friday is resulting in a move to gold for other reasons outside of its safe haven appeal.
The reasons I mentioned above will be the catalyst for further movement into gold and commodities. The bail-out will be a further drag(to say the least)on the economy and movement away from the dollar is guaranteed.
you're right, he does have a few posts more than normal over the weekend, but only addressing the developments over the weekned, regarding the fed bailout. he doesn't readdress his strategy from his friday post, thus, leaving it the same as believing wave 5 of the counter cycle up from 9/11 to top today or tomorrow probably.
if im off base, please correct me, but it doesn't look like he's changed his sentiment.