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From: | "Geoff & Julie Walker" <gk_jawalker@paradise.net.nz> |
Date: | Sun, 10 Nov 2002 22:26:20 +1300 |
SNOOPY
in reply to your last comment - yes, I've made
money on gold stocks this year. Well up on LHG, CRS & AOR, down
on NEM, TAM, even on NCM.
I've sold 1/2 my NZ shares and invested the
proceeds into Ozzy gold stocks for the following reasons;
1 I am EXTREMELY bearish on US
stocks. I can't believe their are still fund managers and other fools
buying stocks at these ridiculously high levels. The US consumer is spent,
debt and credit are imploding and ..., heck, can it get any
worse??
2 US bonds are the next bubble ready for pricking. For example; Ford,
GM, etc. debt is at junk bond levels.
3 The US pension liabilities are
enormous and will weigh down on US companies for years. Most of the
expenses are still not being accounted for (GM reputedly has $29 billion in
liabilities)
4 US$ has to depreciate to
alleviate the horrendous trade deficit.
All in all, gold stocks are a good contrarian bet
IMHO. Ask me again in 3-6 months what has happened to gold
stocks.
Regards
Geoff
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