Investors enamored of gold now have two supposed contrary indicators to worry about: the New York Times, which did a front-page feature over the weekend on bullion’s growing popularity as an asset class; and CNBC, where a Deutsche Bank analysts on Friday predicted a $75 surge to $1300 an ounce over the next few days. Although we've never been comfortable following recommendations aired on CNBC, the ostensible endorsement of the Gray Lady is another story. Our respect for the Times’ business section goes back to the summer of 1976, when they were the first big newspaper to notice that a small company called Resorts International had opened an office in Atlantic City. Resorts’ common shares were selling for about $2 at the time, but – gold bugs take note – after the Times story ran in August, RTA class ‘B’ shares began a steady ascent over the next two years to around $160. So don’t think that just because gold investments have gotten front-page treatment in the New York Times that that will be the kiss of death for precious metals. The Times, after all, is not merely some upscale cousin of the mentally retarded Newsweek. And for every half-competent, politically warped bloviator like Paul Krugman who writes for the paper, there is a top-flight reporter elsewhere in the newsroom like Floyd Norris, who gets his facts straight and covers the issues of the day with the kind of balance and understanding that can truly help readers get a handle on the news. Gold Will Take No Prisoners Contrary indicators aside, our own technical runes suggest that gold’s long-term bull market remains healthy and robust but that deep-pocketed buyers are in no particular hurry to push quotes up to new levels. Under the circumstances, we’d be surprised if the CNBC guest's
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