June 20, 2011, 12:01 a.m. EDT
Gold bugs confident on gold — but stocks?
Commentary: Gold-miner stocks may be due for big rally
By Peter Brimelow, MarketWatch
NEW YORK (MarketWatch) — Even though commodities (as measured by the CRB Index) were down 4%, and oil down 6%, gold managed to finish up.
The CME August gold contract settled on Friday up $9.90 on the week at 1,539.10 (up 0.65%).
This was something of a triumph for The Gartman Letter, which last Thursday and the previous Friday substantially increased its gold exposure, which now comprises 11/17 of its model portfolio. All these positions are head-spinningly hedged by various shorts, the latest being copper.
But this influential publication’s large institutional following probably focuses on the headline: the trend. Proprietor Dennis Gartman was widely reported suggesting gold could reach $1,650 by year end.
Neither would gold’s resilience have surprised the readers of Bill Murphy’s LeMetropoleCafe. On Tuesday, after gold hit what proved to be the week’s low, Murphy’s website began telling its readers that local premiums in India and elsewhere in the East had jumped, and suggested buying from these key physical markets would block any further decline.
Full story: http://www.marketwatch.com/story/gold-bugs-confident-on-gold-but-stocks-2011-06-20
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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