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Article: Commodities: prices high, but mining stocks tumble.(ASSET ALLOCATION)
- Article from:
- What Investment
- Article date:
- August 1, 2005
CopyrightCOPYRIGHT 2005 Vitesse Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Looking at the current situation in the oil sector, Jim Goodey, of Collins Stewart Fund Management, observes that the oil price remains set to dominate financial markets. "Oil has made new Nymex highs recently, and I am sticking to my long-range price target of 70 dollars a barrel and do not rule out the Goldman-predicted 100 level," says Goodey. "Everything is in place for this to happen, but I must warn that a large slice is speculative. This is always dangerous."
Graham Birch, manager of the Merrill Lynch Gold & General fund, says that investors have been encouraged back into the gold and gold share market by a subtle shift in gold's trading patterns: "While ...