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THE WINDY CITY TRADER
P.O. Box 1673, Chicago, Illinois
(December 16, 1997) METALS: Gold did actually reach near that $280 figure we mentioned a while back. Since we still have very little inflation (according to government reports), a quick turnaround is not expected. Bottom pickers should stick to June 300-320 call options. Silver continues to rally due to supposedly tight COMEX warehouse stocks. While we feel that the move is extremely overblown, it's hard to buck the trend. This is why we'd suggested cheap put options (roughly $100) the last few times. While we feel this market should break, it could stay at these levels for a few months much like the overvalued palladium has done. Let's just watch for a while.
Stephen Connell and William Frejlich
Metals
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Energy Complex
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