Croker-Rhyne Co., Inc.

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Sept. 19, 2005


Liquidating "2 & 1" in Gold

Gold has rallied about $20.00 during the past 4 trading days and has done nothing but go up since I recommended shorting it on September 13th. My principal recommendation was to buy "units" of 2 December 445 puts and 1 December 450 call for about $2700 total. The 445 puts (which have lost value) settled today at $250 each and the call (which has gained value) settled at $2390, making the 2 puts and 1 call currently worth $2890 at today's close. My recommendation today was to exit all those positions and stand aside.

When I am wrong, this is the way I want it to be.....really wrong and quickly so.
I may be re-entering this trade quite soon as I suspect this may have been one of those BIG Monday's where everybody who has been itching to get in, and hadn't.....finally did.
I should be sending updates on markets we are currently still in within the next few days.... 
Bill Rhyne


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