Besides Mr. Ward, none of the other analysts following the beleaguered sector managed to muster any gains. Gold suffered last year from a proliferation of competing financial instruments and a general climate of low inflation, which tends to favor interest-bearing securities rather than hard assets like gold, silver or copper. The relative success of Mr. Ward's strategy in 1997 came from its negative stance toward gold. Barrick Gold and Placer Dome . Since then, Mr. Ward has advised his clients to stay out of the sector altogether.
Some analysts see brighter prospects.
But last month, the San Francisco-based Ms. Baker returned from a trip to Peru's archeological treasure, Machu Picchu, sounding an upbeat note on gold prices. Inc. All Rights Reserved.