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Granville calls the Wall Street top, offers his gold tips
Posted on 03 June 2008 with no comments from readersGranville calls the Wall Street top correctly, bullish on gold
Last October the 82 year old Wall Street legend Joseph Granville correctly called the all-time high for the market and pointed to a bearish future in this radio interview. At the same time he gave his tips among the gold stocks for whom a precious metals bull market beckons outperformance. Granville’s tips are well worth reconsidering as we face gold heading back above $1,000 shortly and $1,200 an ounce before the year end.
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Good old Granville got it right again – like anybody in the market for decades he has made a few mistakes but his hits vastly outnumber his misses. I wonder if he will now be right about the gold price – it certainly looks far more likely than when this was posted!
Will he be proved right and gold stocks lead the US equity rally that just has to be imminent? I think the currency crisis this week will produce a gold price rally first, and then stocks should hit bottom – and a post-election rally will follow with gold and silver stocks out front.
But everything has got so volatile and fast moving many of my older predictions were wrongly timed – my bet now is that they come right in the short term as events have speeded up so much.