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African strike
deadline, weaker U.S. Dollar drives gold higher
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But look for a correction next week as labour strike is
averted
Here it is the supposed "summer
doldrums" and yet both gold and silver prices enjoyed significant gains this
past week or so, with silver breaking over $5.00 for the first time since this
time last year and gold rising in the face of a potential labour strike
deadline at South African producers set to
begin on Sunday and a weaker U.S. Dollar. As a
result the HUI Index of unhedged gold producers had a spectacular one week gain
of 16%.
I would caution speculators
that the labour strike as of today has been averted
- see: Threatened
S. Africa gold strike called off - By
CBS.MarketWatch.com 2:39 PM ET July 27, 2003 - South
African gold miners in the eleventh hour called off a threatened strike against
the nation's three biggest producers, news agencies reported Sunday.
My guess is at least half of the
impressive gains last week were due to this impending strike. Therefore we
should expect a short but sharp
correction commencing Monday.
A sharp pullback would then
create an ideal time to accumulate. Because this year's seasonal weakness, like
last year, appears to be muted and
shortened, a testament to the power of this long term bull trend. And if current
wave patterns continue - surely $400 will be challenged in the coming months.
Radio call-in show Sunday at
8:00 PM (PST)
Yours truly will be on CKNW's
Sterling Faux Show this Sunday evening (July 27). You can access the show via
the www.cknw.com site if you aren't able to listen in
over the radio. Just click "LISTEN LIVE" link near the top of the page. The
call-in numbers and various radio channels are listed below. Feel free to call in and discuss the gold markets or
some of the hot plays we've been covering as of late like Metalex and IMA
Exploration.
>  Stirling Faux -
Weekends 6pm-9pm
(Money Talk portion at 8pm
PST)
Stirling's show originates from
Pacific Centre, home of CKNW and Corus Radio Vancouver, and there are specific
phone numbers to note:
Copyright
2003
Louis Paquette`s Emerging Growth Stocks is an independent publication committed to
providing an objective analysis of the markets, focusing on the CDNX, and
individual companies with substantial upside potential over the next six to
twelve months. The information contained herein is believed to be accurate but
this cannot be guaranteed. The analysis does not purport to be a complete study
of securities mentioned herein, and readers are advised to discuss any related
purchase or sale decisions with a registered securities broker. Companies
featured in EGS are often at very early stages of development and can therefore
subject to business failure, and are to be considered speculative and high risk
in nature. Reports herein are for information purposes and are not solicitations
to buy or sell any of the securities mentioned. The author may or may not hold a
position (long or short) in the securities mentioned herein. This publication
may not be reproduced without the expressed prior consent of the author. The
author is not a registered securities advisor, and opinions expressed should not
be considered as investment advise to buy or sell securities, but rather the
author's opinion
only.
Louis Paquette
Publisher,
EMERGING GROWTH STOCKS
102 - 2020 Comox
Street,
Vancouver, B.C. Canada V6G 1R9
(604) 687-5772
www.EmergingGrowthStocks.ca
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