It was approaching 10:00a.m. today when I turned on the TV to TOUT-TV (CNBC-TV). Mark Haines had commented that given everything, the stock market was not bad off down only 100 or so points. While one would assume his role should be impartial, I’ll let his seemingly biased view go as just an observation. But his smug, arrogant behavior while interviewing a gentleman about gold was typical of TOUT-TV’s extreme tilt towards the “Don’t Worry, Be Happy” crowd. I wish there was a video clip for all to see as it defines what TOUT-TV really is. His arrogant remarks about how bad gold has been as an investment – in his only two questions (which were really statements) -not only showed his disdain for gold despite what should be a position that brings objectivity to the screen, but his lack of knowledge. I will bet the ranch that Haines and his buddies like Kernan and Kudlow would marvel about the stock market’s performance since it bottom in 2002. A 29% return on the S&P 500 the last 5 years is no barn-burner but certainly better than losing money, no? But it doesn’t come close to gold’s 129% gain in the same period. Only on TOUT-TV can 29% be better than 129%.
Gold – $660
Despite being quite overbought short-term and too many funds long on the Comex, gold managed a valiant comeback from its lows today, (although they have it back down again in the access market). I believe it clearly demonstrates outside of very short periods of correction, the least resistance over time remains up. I, for one, welcome these sharp and short corrections and wonder what the shorts must be thinking its going to take to ever see a sustained retreat in the gold price? The answer appears more and more to be a four-digit gold price.As noted at the beginning, gold was over bought and too many funds were long on the Comex so a correction as low as $650 is possible but I remind you yet again the surprises should all be on the upside.
U.S. Stock Market – DJIA 12,216 - S&P 500 1,400
Whether or not they rang the bell for the ultimate top, I do suggest you re-read these recent issues of mine. It’s not “if” we will go into a very dark period for the stock market, but “when”? The answer is closer now than ever.
http://www.grandich.com/docs/alert_02-21-07.pdf
http://www.grandich.com/docs/GL_01-14-07.pdf
U.S. Dollar – US Dollar Index 83.38
If you still don’t believe the U.S. Dollar is terminally ill, just look at it in the face of today’s carnage. In years past, there would have been a flight into it. Now? Say good night, Gracie.
Please note –
It’s impossible for me to return phone calls and emails. While I’m honored so many people find our publication worthwhile, I can’t reply in most cases and certainly can’t give individual advice. Sorry, but that is a fact we have to live with.
Grandich Publications, Inc. provides research, analysis, and investor relation services for certain of the companies featured in the articles appearing in its publications (each a “Featured Company”).Featured Companies may pay fees to Grandich Publications, Inc. that may include securities-based compensation that would appreciate if the company’s stock price rises.Accordingly, there is an inherent conflict of interest involved that may influence our perspective and provide an incentive for publishing favorable information with regard to a Featured Company.
Grandich Publications has been given the right to exercise stock options.A complete list of options and share price (in Canadian dollars) is listed on the company website.Furthermore, most companies have entered into agreements to pay Grandich Publications a monthly fee.Fees are also listed on the website.
The material herein is for informational purposes only and is not intended to, and does not constitute the rendering of investment advice or the solicitation or an offer to buy securities.
The foregoing discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”).In particular, when used in the preceding discussion, the words “plan,” “confident that,” “believe,” “scheduled,” “expect,” or “intend to,” and similar conditional expressions are intended to identify forward-looking statements subject to the safe harbor created by the Act.Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements.Such risks and uncertainties include, but are not limited to, future events and the financial performance of the Company which are inherently uncertain and actual events and/or results may differ materially.
This report may refer to “measured, indicated and/or inferred mineral resources”, which do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever achieve the status of “ore reserves”. A Preliminary Assessment is based on inferred resources that are geologically speculative, and as a result, there is no certainty that the economic considerations or results will be realized.
Third party statements contained herein and information contained in any source cited herein are not endorsed by or adopted by Grandich Publications, LLC, nor has their accuracy been verified by Grandich Publications, LLC.
Peter Grandich is the Managing Member of Grandich Publications, LLC (www.grandich.com).
The company publishes The Grandich Letter (first published in 1984) which covers the metals and mining industry, follows world markets and economies, and covers the Canadian markets from an American prospective.
Grandich also provides a variety of corporate finance and development services to publicly-held companies.
Peter Grandich is also the Managing Member of Trinity Financial, Sports & Entertainment Management Company, LLC (www.trinityfsem.com), a Registered Investment Advisor in the State of New Jersey. Trinity provides investment advisory services to individuals, small to mid-size businesses, professional athletes and entertainers.
Peter is a long-standing member of The New York Society of Security Analysts and The Society of Quantitative Analysts.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com
