Is there gold in 'em hills? Gold Field Ltd. (GFI)
by Houghton and Atkeson 12/11/08
The price of gold is up 15% over the past month. Gold Fields Ltd. (GFI) the South Africa-based company that produces gold in South Africa, Ghana and Australia, is up 80% over the same period. Today, 20,000 GFI call options have traded versus 322 puts, four times usual volume and 5% of open interest.
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With the stock trading at $9.30, Most of the action is in the GFI Jan 10 (GFIAB), 12.50 (GFIAV) and 15 (GFIAC), the GFI April 10 (GFIDB) and 12.50 (GFIDV), and the GFI Jan (2010) 15 Calls (YMHAC).
Time to start digging?
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Looking into June, the market should begin refocusing on upcoming earnings reports for evidence the economy is gaining momentum.
Watching the Treasury's Actions
In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
The Treasury's auction of two-year notes brought an upside surprise which should alleviate fears of a lack of demand for U.S. paper.
Credit Markets Point to Upturn
The credit market, a reliable indicator of equity direction, suggests we will break out of the SPX's trading range to the upside.
The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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