NYC

I am on my way to New York this morning. Hopefully the weather hold out and I will not be delayed too badly.

I was invited to attend a breakfast function at the NYSE on Wednesday morning with Bob Arnott as the primary speaker. I've never been in the exchange before and while I don't know if I will be able to see the exchange floor or not I'll have my camera just in case. This will likely be the only post today but posting will be the same the rest of the week.

The back and forth of late about my comments on gold and some of the great information about the subject that some of you have shared has made for some very useful content.

What is interesting to me is some of the reaction to my merely suggesting caution, which was my primary intent. It seems that this year I have had a name or two in the portfolio that goes up 30% in a given quarter. This quarter, give or take a couple of weeks, that stock was Anglogold (some clients own the GLD ETF instead).

Three months ago if someone had asked me what stock my clients own would be the best performer through the end of the year I doubt I would have guessed gold. My experience with diversification tells me that something will always be having a good quarter. Fortunately when your portfolio is diversified you don't need to know what will be hot.

My recent comments on gold tie in with this idea. I doubt gold will be white hot next quarter. I'm not a seller, I'm not telling anyone else to sell nor am I predicting $300. Just caution. In fact if I implement a new account this week I would not hesitate to buy gold in the manner mentioned above.

I think some of the comments left added one plus one and came up with eleven in interpreting my opinion here.