|
|
By Monty Guild and Tony Danaher, on July 25th, 2003
GOLD
In the last week we have purchased an increased position in gold shares, and for those clients who are willing and able to purchase currency forwards, we purchased the Euro.
We purchased increased positions in several non-hedged gold shares. Our favorite gold shares are: among small-capitalization shares, Tan Range; among mid-capitalization shares, Agnico Eagle; and among large-capitalization shares, Newmont Mining.
Kudos to Jim Sinclair and Ken Adams for their very accurate and prescient calls on the turn this week in gold, and also to Harry Schultz for his wonderful gold stock charts in Gold Charts R . . .
Continue Reading: July 25, 2003
By Monty Guild and Tony Danaher, on July 9th, 2003
ECONOMICS
US economic signals remain mixed, but positive indications are becoming more prevalent. We still think the odds of inflation and deflation are about equal. However, the stock markets in the US, Europe and Asia are reacting positively to the expansion of the money supply, and the expectation that the velocity of money will start to rise. An increase in the velocity of money usually lags behind an increase in economic activity. The increasing liquidity in the global economy is building optimism.
WORLD MARKETS
Problems still remain in the global economy, but investors have not made money . . .
Continue Reading: July 9, 2003
|
