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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: loantech who wrote (1769)	11/3/2003 8:45:55 AM
From: russwinter	Read Replies (2) of 110194

<precious metals stocks.> The debate about gold is several fold. 1. Is it just another global reflation play that speculators have piled into like everything else? and a: how are gold stocks themselves being played within this context? 2. Is gold somewhat divorced from just a spec reflation play because of it's "special" qualities, or alternative investment characteristics (as money, store of value)? I think the answer to 1 is yes and to 1 a the answer is hard. I really don't see gold stocks right now as much different than Chinese internet stocks like SOHU or NTES. I almost see NEM as close to being a good short now, although I won't do it because of "religious" beliefs. The answer to 2 is somewhat, but the timing isn't quite right. I'd say if you're going to play gold, hold the metal or the ETF if it ever trades, not the more leveraged gold stocks. A stock like CKG.v might be OK to hold as it's a good name that's lagged, but I'd do it on strictly a trading basis recognizing you could easily get caught. My vehicle for this kind of laggard play in PMs is SUF.to.

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