-- Posted Tuesday, 10 October 2006 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Tuesday, October 10, 2006
For investors who’d rather be smart than lucky
Seismographs and satellite cameras may have registered the force of Sunday’s nuclear explosion in North Korea, but it barely caused a ripple on the world’s stock exchanges. U.S. shares were narrowly mixed, while Asian stocks barely budged. South Korea’s Kospi index suffered the biggest loss of all, but it was only 2.4%. Perhaps the further a bourse from Seoul’s ground zero, the less affected it was by the news? Meanwhile, gold, once considered a sensitive indicator of global jitters, was down a little more than $2 on the day. Does that mean it no longer works as a barometer of geopolitical tensions? Not necessarily. My guess is that it gold is as sensitive as ever; it is the geopolitical nervous system that has grown numb, almost to the point of deadness, over the years.
There was a time when precious-metal traders could make a good living staying on top of the news, especially bulletins that crossed the tape in the middle of Wall Street’s night. If you were up at 3 a.m. when, say, Soviet tanks rolled into some Eastern bloc country, you could have made a pile of dough betting that the price of gold would shoot up momentarily, then keep on rising for the rest of the day. These days, even a nuclear explosion can no longer be relied on to push precious-metals quotes higher. Would it perhaps have to occur above an urban center to rattle investors? On the evidence, they seem to have become inured to anything less, like third-generation New Yorkers who have had the startle reaction bred out of them.
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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Tuesday, 10 October 2006 | Digg This Article | Source: GoldSeek.com
