December 30, 2002 |
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Somewhere in Japan there is an investor clasping his gold bullion and dreaming of future investment opportunities. However, what this investor is not preparing to do is invest in the Nikkei. Rather, and regardless of the fact that the Nikkei is hitting 20-year lows, some Japanese investors are comforted only by bullion. One might ask: why doesn’t the Japanese investor try to continually pick the ‘bottom’ of the market like their American counterparts? Well, they have been trying for more than a decade, but to no avail.
2002 will surely be remembered as a year of corporate scandals and bankruptcies. However, above all else, and paying no attention to the overly anxious analysts that proclaim the U.S. equity markets bottomed in October, 2002 was the year gold solidly broke out of a multi-year (make that multi-decade) slump and regained $300 an ounce. This Week Due out this week is existing home sales (Nov), the Conference Board’s take on consumer confidence (Dec), Chicago PMI (Dec), the ISM Index (Dec), and construction spending (Nov). It is not certain if any of these reports will have much of an impact on the markets as stocks will need to cope with a final wave of tax loss selling and geopolitical tensions do not seem to be abating. Nevertheless, on January 2 life begins anew… Happy New Year!
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