|$GLD (Gold ETF) Courtesy of StockCharts.com|
David Rosenberg Sees S&P at 900-925, Gold at 3000 Reasonable (SPY, GLD) - Bloomberg Video
5/31/2010 05:46:00 PM
David Rosenberg, Chief Economist and Strategist at Gluskin Sheff + Associates, was on Bloomberg Television Friday giving his views on the S&P 500 and Gold price. In short summary, Rosenberg would be "interested" in the S&P between 900-925 (w/ no double dip recession) and believes gold will hit 3,000 an ounce in the next several years, which is a conservative forecast. That's more than double where gold stands today folks. David does not see $90 or $85 EPS on the S&P next year and sees revenue growth cutting short. Front month June gold contract (GCM10) is at 1,215. Watch for a confirmed ascending triangle breakout, above ceiling resistance, or lack thereof. Look at the 3 yr $GLD chart below. Video below courtesy of BloombergTV.