Ann: High Grade Assays (to 851g/t) at Rose of Den, page-31

re: Ann: High Grade Assays (to 851g/t) at Ros... From today's US "Wall Street Journal"

GOLD SHARES RESPONDING (FINALLY)....

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/conga/story/misc/investing.html 162091 This has naturally depressed Gartman.

But it should be noted that he was already extremely (73%) exposed to gold. His greater sensitivity to gold risk was hardly unreasonable.

But much more important has been Gartman?s articulate and dramatic reaction to Tuesday?s announcement by the Fed.

He wrote: ?This is perhaps the most important statement by a central bank of this consequence in our memory, save of course for when Chairman [Paul] Volcker changed the entire method of the Fed?s operation during the days of the Carter Administration. In a world where gold has become a currency, and the search is on for a reservable currency that shall rank second behind the dollar, with the dollar ranking first simply because it is the most liquid and because of the U.S.?s consistent military strength, gold wins.?

Wednesday?s Gartman Letter opened by saying: ?It is our duty to not only to remain long of gold, but to buy more on corrections as they occur.?

Of course, gold?s friends were handed two huge gifts after Gartman reduced his position ? firstly, the Fed; secondly, the U.S. credit downgrade announced after the New York market closed on Friday. (Australia?s The Privateer grumpily noted that this courtesy was not extended to the European counties recently downgraded ? that was done during the trading day.)

How much more helpful news can be expected? This evening, the veteran trader who writes Jesse?s Caf? Americain mused: ?Gold has had a remarkable run higher. It has reached the point now where an additional rally without at least a consolidation starts to approach a breakaway run, something with a bigger correction in its future. So I would welcome a pause for the market to at least catch its breath and attract some stability.?

On the other hand, a remarkable feature of the rise has been the tolerance of the main physical markets. According to Le Metropole Caf?s correspondent, India ? the key market ? has intermittently stayed a buyer, as has China.

And the Vietnamese public responded this week by driving local gold to premiums so high that the gold-hating authorities relaxed their ban and allowed the legal importation of some gold.

True, after the (record) close, CME /quotes/zigman/107063/quotes/nls/cme CME -0.19% announced a significant increase in gold futures margin requirements ? not gold-friendly news.

But Wednesday was also notable for another development: a strong and enthusiastic response by the gold shares. Previously they had ignoring the metal?s resilience and trading with the horrible overall stock market.

Le Metropole Cafe commented: ?Gold shares remembering the ?gold? aspect of their character would be a great relief to their long-suffering owners.?

With gold?s rise apparently far from done, maybe it will happen yet.