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Gold: The metal is shining again in these uncertain times, but the industry fundamentals aren't that glittering.(A)(INDUSTRY SNAPSHOT)
Byline: Donald H. Gold
The gold industry has traditionally been the ultimate worrier's haven: When things get really bad, investors come home to the yellow metal. With the Nasdaq off 71% from its March 2000 peak, it's easy to see why gold got a big boost recently.
Still, many see a lid to near-term excitement here. After all, even as stocks are dumped, this isn't the ideal climate to buy gold.
The world economy is slumping. Inflation has all but vanished from the big industrial nations. Japan suffers from deflation. And industrial commodity prices are falling.
But IBD's Metal Ores -- Gold/Silver group now ranks second among 197 industry groups based on six-month price performance, up from 111th six months ago.
That's a big move compared with the 15% rise in gold prices. But other sectors have been falling out of bed. In short, gold is still a refuge.
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