Jim - Re: "An Analyst can be wrong for years, then the market corrects a little and they immediately become a Genius...asked for advice and interviews."
Two of the biggest bears that I have seen recently are Elaine Garzarelli and, especially, Michael Metz of Oppenheimer.
This guy Metz is particularly interesting. He has been predicting a Major Market Correction for 2 1/2 years, and smugly and steadfastly has refused to admit he has been wrong.
Then, s few days ago, I read an article that quoted him. He apparently was more smug than ususual since the market has tanked recently on the SoutheEast Asia bad news and Intel fears.
So, when asked what he recommends as a good investment - Michael Metz says, to the effect, "he likes gold - Newmont Mining".
"If I held a stock index, I would be selling," said Michael Metz, chief investment strategist at Oppenheimer & Co. "I think [blue-chip] indexes have seen their high into 1998. What's going on is
very bullish for gold, so I'd certainly buy Newmont Mining or Homestake Mining."
Then, one day later (which was yesterday) Switzerland announces they may unload HALF their gold reserves and Gold plummets to $308 per ounce and the mining stocks follow suit!
Way to go Metz The Genius Analyst! WRONG AGAIN!
Paul |
