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COMMENT
Gold stocks generally have under performed bullion for quite a period of time. There will be a time to come back into precious metals but we need to wait until there is more clarity by the Fed as to what they are going to do regarding further qualitative easing. Doesn't expect this to come anytime soon, certainly not before we see some decline in inflation and more economic pain.
WATCH
Very interesting company. Insiders have been buying. They are in the middle of bidding on cleanup and soil remediation of the Kuwait oil fields. The outcome should be known sometime in November so you have some time. Should they win one of these contracts, the stock would go materially higher. A “wait and see” situation.
oil
gas
DON'T BUY
COMMENT
Gold ETF or gold companies? He currently likes physical gold rather than the underlying stocks. He has a kind of bearish near-term view on gold because he doesn't think we are at that point yet where we are going to see any more monetary stimulus. When that time comes, possibly in the next 6 to 12 months, feels that gold could really take off.
COMMENT
5 Stage Elliott Wave Theory. In a bull market, you have an advance of 5 waves and this is followed by an ABC correction that is usually short, relatively mild and fast. This is where we are now. At the peak, investors are most bullish but when you get to the bottom at the C, there is always fear and panic. He feels we have now hit our low. The current low is at the support of the 2nd peak so he is expecting to find a lot of support.
COMMENT
Stock has completed an ABC formation and he is sure it will have a bounce. He would suggest that you don't go too much overweight in commodities. If you want to get involved in the recovery, you'll probably see money going into stocks that had been really beaten up. This would include technology and financials.
chemicals
