Generally in May and June, the financial analysts begin to take the next year's estimates more seriously, and, starting now, most portfolio managers, who use earnings estimates, will begin to take the estimates more seriously for calendar year 2002 . Now the serious estimating begins. By mid to late July, the 2001 estimates will be the key focus in terms of the earnings outlook. Earnings really do matter. After all, the recent stock market collapse was all about speculation, that is, excessive valuation in relation to economically weakened earnings.
Gold shares seem to be doing better than the gold price.
Newmont has rallied from the low teens to the mid to high teens. Eretz Hatzvi Ltd. All rights reserved.