Former Wall Street "Elf" Comments on Today's Gold Market
By Jon A. Nones
26 Dec 2005 at 11:54 AM EST
St. LOUIS (ResourceInvestor.com) -- In a brief interview with Resource Investor, Mark Leibovit, chief market strategist for VRTrader.com, commented on today’s gold market and the driving forces behind the uptrend. Formally known as the Wall Street “Elf,?Leibovit proclaims himself as a “to the point guy.?And to the point, he predicts 20 years of a bull market, with gold at $750/oz to $800/oz in three years.
RESOURCE INVESTOR: After hitting $544/oz in mid-December, the gold price has fallen back considerably ?currently in the $490s. Is this just a simple correction or is there more at play here?
MARK LEIBOVIT: It was interesting that Newmont Mining [NYSE:NEM] topped out in December 2003 then fell into May 2004; hit highs in November 2004 then fell into May 2005; and up again on December 12, 2005. Is NEM going to fall into May 2006, since everybody is so bullish on gold? We could be in the throes of a similar cyclical pattern.
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