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The correction is over and it's time for a move up

Bob Moriarty
November 10, 2003

Tom McClellan has been calling it correctly for three months and he's right again. We had a correction in Sept/Oct and it's over. Gold has tried to burst through $400 enough times that the next time may well be the magic moment. I suspect silver is going to surprise hell out of everyone as it kicks up its skirts and goes north through $6.

I'm going to digress for just a moment. As I was preparing this page today, some random thoughts passed through my head. Most Americans wouldn't realize it but November 10th marks the anniversary of the U.S. Marine Corps. But no Marine would ever forget.

This date in 1775, even before the birth of the nation, a group of men sat down at Tun's Tavern in Philadelphia to form what would be known as the Marine Corps, the world's leading fighting force.

I was a Marine for six years, including two in Vietnam. I wouldn't want to be a Marine now, nor would I want my children to join. The armed forces of this country are no longer tasked to defend their country but rather to wage undeclared wars of aggression against defenseless countries who pose no threat to us. We aren't fighting for American interests, we are fighting for Halliburton.

As much damage as Bill Clinton did to our armed forces, what Bush is doing is far worse. On Veteran's Day, pause for a moment and give a thought to those who fought and died for your freedom. Today, the only people fighting for freedom in Iraq, are Iraqis. I say, give it to them, it's their country, not Chaney's.

Gold and silver have given investors about as much correction as they are capable. The Chinese now control the price of gold and silver and nickel and zinc and indeed the dollar itself. You can wander around the web and read Soros and Buffet and many others expound on the chaos we all know is coming. It has started and the price of gold/silver stocks is ready to roar.

I'm going to have to stop listing a dozen or more stocks I like, most of my nifty 15 have already rocketed. There are a few laggards who still represent great value and since I consider them core stocks, I don't mind mentioning them.

Northern Orion is still my favorite copper stock. It's doubled and still cheap. Cardero is hands down the most interesting silver stock. It has a Peru kicker which the market values at zero and a Mexico property just as ignored. I called the stock a 15-bagger well before it dropped to $.55 based on bad drilling supervision and it's still a 15-bagger.

Desert Sun keeps advancing their Jacobina property. They took advantage of a higher stock price to do a new financing and are now in position to go into production at Jacobina. If the market valued the stock at what other deals are being done, their just short of 4 million ounces would be worth over $5 a share. They anticipate production costs of US$189 per ounce. At a share price of Canadian $1.75 or so, they represent great value.

website: Northern Orion
website:
Cardero
website:
Desert Sun

Bob Moriarty
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bob@321gold.com
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