Valor a que a banca avalia as casas sobe mais 20 euros para novo recorde

[Ulisses Pereira]

"Waiting to Get Into Gold"

By James J. Cramer
03/03/2003 01:34 PM EST



"Newmont Mining at $26: Does that make your mouth water? If you are like me, you keep waiting to get into gold shares because the long-term forecast for the precious metal seems to be so positive. I know John Roque thinks it is. We had John Roque on "Kudlow & Cramer" Friday and he pronounced the sector still the only bull market out there. Newmont has been his favorite.

Larry Kudlow agrees, but for different reasons. He thinks gold could go up because he thinks that economic activity is about to surge.


I think it goes up because I see the currency being debased here in an attempt to get the economy moving again.

The problem, though, is that the moment you buy you are afraid you could look like a chump. You don't have valuation going for you; the stock is selling at 26 times earnings. You don't have the war premium ahead of you; it is already in the stock. You don't have a takeover prospect: it's the largest stock in the biz.

So why buy? Pretty simple; you would buy because gold's been going down for a couple of days now and you have to believe that it could go to $400. I think that could happen, easily, as I suspect that we will have to continue to print dollars in an attempt to get the economy moving.

Perhaps the best thing to do is to wait. If you can get this stock at $23, you are talking about buying it at a slight premium to the market even though its earnings could grow much, much faster than the market, especially if you think gold goes to $400.

Anyway, that's my plan. I will be a buyer when it gets there. It will be just one position. I don't expect it to be my largest. But I think that not owning gold shares here is a mistake. I just want to time it so I don't immediately have to go buy more at a lower price. "

(in www.realmoney.com)