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Market Thoughts And Timing

Ronald L. Rosen
rrosen5@tampabay.rr.com

April 14th, 2005

Weekly Update and Comment

"Time is more important than price; when time is up price will reverse" W.D.Gann

"There is an appointed time for everything. And there is a time for every event under heaven..." Ecclesiastes 3:1

Gold, the HUI and Crude Oil

The fact that the gold shares as measured by the HUI are going down in price and completing a potentially final wave down while the price of gold bullion is not going down seems to validate Ecclesiastes 3:1. The appointed time for gold shares and gold bullion are obviously different. Let’s put it this way, they are on different time schedules. The shares topped 16 months ago but gold bullion topped 4 months ago. In one of my latest reports I stated that the shares will most likely bottom first and probably be accumulated while bullion is finishing its correction. Bullions correction may take many months. Many folks still seem to think that the gold shares should go up whenever gold bullion goes up. The shares and the bullion will go up and down in tune with their own timing schedules. I won’t pat myself on the back for this observation, at least not yet. In addition I strongly suspect that there are others that know this as well as I do they just don’t write about it. Crude oil seems to have completed its wave 5 of the larger wave THREE that I mentioned in my last report. I am including charts of crude oil, gold and the HUI . This weekends report will follow up on all three items, gold, HUI and crude oil.

Ronald L. Rosen
rrosen5@tampabay.rr.com

April 14th, 2005

Disclaimer: The contents of this letter represent the opinions of Ronald L. Rosen. Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Ronald L. Rosen is not a registered investment advisor. Information and analysis above are derived from sources and using methods believed to be reliable, but Ronald L. Rosen cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions.