Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: ItsAllCyclical who wrote (26050)	1/19/2003 4:42:02 PM
From: ItsAllCyclical	of 36161

Interesting that a 10 year chart of NEM resembles a 10 year chart of gold albeit a lagging one. bigcharts.marketwatch.com See the rounded bottom. The $30 mark represents 325-330 gold. If this analogy holds true we'll all know very soon if gold and gold stocks are destined for continued upside or a further correction as Slider contends. Given NEM's somewhat near-term hedged status some are likely nervous that NEM's earnings may cause another short term downdraft in the sector if they disappoint. The last earning's release provided a nice buying op. May be the same again this quarter that we only get a sustainable run in gold stocks once NEM's earnings are out of the way. I think that if NEM were acting better (35+, no prior merger and far fewer hedges) that the entire sector would be looked upon more favorably by non-goldbugs. But with action like NEM, PDG and ABX it's no wonder many fund mangers are still skeptical. Granted NEM has done pretty good from an appreciation standpoint from it's lows, but it's earnings have continued to disappoint much to the dismay of non-goldbugs.

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