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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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To: patron_anejo_por_favor who wrote (4245)3/30/2004 2:38:59 PM
From: orkrious  Read Replies (1) of 4905
 
Date: Tue Mar 30 2004 13:14
trotsky (Sunshine, 11:22) ID#377387:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
"In a research note Tuesday, Prudential Equity Group analyst John Tumazos provided a more bearish view on the gold market."

Tumazos is Andy Smith's mini-me. he put a 'strong sell' on NEM when it was trading at $16 for instance - a rating that was reiterated all the way up. he changes gold price forecasts regularly after the fact - i.e. when his 'new target' has already been exceeded. when there's a correction, he lowers the 'forecast'.
as for jewellery demand, it collapsed by 50% in '79 - '80 - and the gold price almost tripled. jewellery demand is price elastic, i.e. HIGH and rising jewellery demand is a sign of a gold bear market, while falling jewellery demand is a hallmark of gold bull markets. when a gold 'analyst' cies falling jewellery demand as the basis for a bearish price forecast, he is either a cabal shill or should look for a new job. nota bene, when jewellery demand hit its all time high with gold trading in the $250-260 range in '99 and '00, Mr. Tumazos did NOT come out with a bullish price forecast due to 'high jewellery demand'.
the fact that he remins firmly planted in the bear camp is the most bullish piece of gold market info to come along in a while
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