The other area is fuel cells. Cars can be powered by fuel cells by 2004 and they use platinum as the catalyst. No, gold still has the ability to serve as a diversifier. Gold is the only asset class that is negatively correlated with other asset classes, so its price tends to move in the opposite direction to U.S. stocks, Treasury bills, bonds and the U.S. dollar. In short, the only way is up.
Gold still faces two external threats.
Oil companies are within a similar range. They have seen the benefit of being responsible and disciplined. We are overweight in oil-sensitive equities such as explorers and producers. The economic slowdown will have an impact on oil demand. But we believe OPEC can manage supply.