Leibovit's Golden Trades
09/18/2002 12:00 am EST
Mark Leibovit is well-known by many from his role as one of the "Elves" on Louis Rukeyser's former TV show and as a Market Monitor guest on Paul Kangas' Nightly Business Report. Mark is chief market strategist for VRTrader.com, a technical stock selection and timing service. Using "volume reversal" signals, he analyzes market volatility and momentum. His current assessment makes him a bull on precious metals.
Mark Leibovit says, “Gold shares continue to advance in a nice steady fashion. Wasn't it only about a week and a half ago that bearish sentiment for gold shares was so thick you could cut it with a knife? Did I hang in there? You bet I did. Why? Because you haven't seen anything yet and when it comes, you're going to be awfully happy! That's my view! The inevitable war against Iraq is cited as the catalyst and though it may add fuel to the fire, gold is rallying for other reasons, the least of which is economic security and stability in a time of chaos.
There will be pullbacks and should the overall stock market stage a rally phase in coming weeks, there is a good chance gold and gold shares could back off. However, philosophically, I'm not inclined to sell my gold stocks, especially with so much upside potential, I'm trying to look beyond the zigs and zags. We continue to recommend holding core positions in gold and gold stocks.”
Leibovit's current gold mining stock recommendations are:
Newmont Mining (
Placer Dome (
Gold Fields Ltd. (
ASA Ltd. (