Gue: In Harmony with Gold

01/10/2003 12:00 am EST


Elliott Gue

Editor and Publisher, Energy and Income Advisor and Capitalist Times

Elliott Gue, editor of Wall Street Winners, uses both top-down and bottom-up approaches to search the global stock and currency markets. He examines the market sector by sector to find the industries with "big tailwinds". He is also the editor of a trading service, Trading Floor Pro, and an analyst for the industry-leading newsletter, Personal Finance. His worldwide expertise leads him to Harmony Gold for his top 2003 pick.

"Our pick for the coming year is Harmony Gold Mining (HMY NYSE). Although we're not normally gold bugs, there has been a lot of momentum in the gold mining stocks recently. Gold broke out of multi-year resistance levels and although it's set to be a rocky ride, gold looks ready to make a move up into the mid-$400s, at least in 2003.

"That should be supportive for unhedged gold stocks. South Africa-based Harmony Gold is a great play on the move that may also benefit from strength in the South African rand against the US dollar. Technically, the stock recently broke out of a symmetrical triangle on the weekly charts and looks set to go a lot higher."

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