Oromin Explorations Ltd OLEPF

Nice reversal in gold on friday from down about $25..

[tony1969]

overnight to up about $25 at around 4 pm to $1233. All the big producers also had a big turn around. As I said last week I believe $1250 give or take 3% will prove to be at least a short term bottom. That $1200 to $1300 total production cost for many miners will help the pog as far as supply vrs demand as some production has already been curtailed. I am looking for a nice sustainable rise in july that should help both prices for ole and tgz. The meetings are less than 3 weeks away and should be very informative as I believe tgz is negotiating with both ole and Bendon.

[comet52]

Well you've been a perfect contrary indicator for the pog for a long time now so I guess that means another dump in July... 

[tony1969]

Thanks for your kind words Comet. That reversal we saw friday and the buying of the majors in my opinion marked at least a short term bottom in the pog. I have not been very positive on the pog for a couple of months now after the collapse but at this level or a bit lower you will see supply constraints that will eventually help the pog. All I hear is that there is a lack of physical gold out

[Goldfather]

i agree Tony....  and if anyone hasnt seen Cramers Mad Money show friday nite, you gottta watch it.. Cramer isnt a Gold bug in any way... hes a ruthless investor in every sense of the word, and as a compliment i say that... but he looks at the #'s, tons of charts, etc.... and he knows Gold has its fundamentals, and Gold plays a part in the both the eocnomy and an investment portfolio

[comet52]

Lack of gold isn't the problem Tony, it's lack of gold buyers.  I've been telling you since December that gold was going to take a dump this year.  And it has taken its biggest dump in a century in fact. I just wish Chet had realized that but then most Vancouver lifestyle millionaires aren't really on the ball to begin with.