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-- Posted Wednesday, 13 May 2009 | Digg This Article | | Source: GoldSeek.com
Rick’s Picks Wednesday, May 13, 2009 “Phenomenally accurate forecasts” The scene at the Hard Assets Investment Conference in New York City looks pretty subdued this year -- an encouraging sign, since it will be time to exit precious metals when this annual event reaches the frothy stage. For now, though, frothy it is not. I'm told that there are only half as many exhibitors this year as last, continuing a pattern of decline that began a couple of years ago (when, need I remind you, gold quotes were nearly 40 percent lower). Mining and energy companies with booths at the show were oh-so-eager to chat up anyone who walked by, and at times there were more company reps in the aisles than there were visitors. I don't mean to suggest that this event was a dud -- only that it reflects the bland consensus on bullion that obtains outside of hard-money circles.
Let me repeat myself: This is quite bullish, to the extent that multitudes of investors yet to be persuaded and who stayed away in droves represent potential demand for nuggets yet to be mined and ingots to be fabricated. I should also say that the conference itself, at the Marriott Marquis, as first-rate in all of its details. The line-up of speakers represents a who's who of the precious metals world, as well as newsmakers from other walks of life. Harry Markopolos, the guy who tried so hard to rat out Bernie Madoff to the SEC, gave the "Insider's Story." Jay Taylor, the expert's expert on mining shares, shared his considerable expertise. And Bob Prechter delivered Monday's keynote: "Using the Wave Principle to Forecast Gold and Silver Prices". Peter Schiff spoke on the collapse of the U.S. bubble economy and what it means for investors, and Amity Shlaes, author of a superb new book about the Great Depression, shed light on the government's efforts to repair the financial crisis. HUI Breakout Imminent? There were also presentations by companies both big and small from the world of mining, energy and natural resources, including some favorites of ours. Ironically, while speakers from these companies were working hard to convince the audience that now is the time for hard-asset investors to go all-in, the Gold Bugs Index (HUI) was stealing up on a technical threshold that some chartists might view as breakout territory. Mining-share aficionados should be smacking their lips over the fact that this could happen so quietly. We can't say exactly when the mining sector is going to blast off for outer space, but there is no mistaking the evidence that they are fixing to do so. Let's hope that when it finally happens, few take notice. *** Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. 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 © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Wednesday, 13 May 2009 | Digg This Article | Source: GoldSeek.com
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