The winter solstice occurred this week but here in Joburg we are have not yet had anything serious in the way of cold weather. But I’m sure it’s coming. Just as I’m sure that US markets will succumb to the bear. On present form, however, the bird bath in my garden will freeze overnight long before the Dow breaks below 10 000! It’s a humbling experience this, trying to forecast the future. On average half of one’s calls should be correct so it does mean that I can boast about the odd success and draw your attention to the NewGold ETF which has now reached 3000 cps. This instrument is a play on a weak rand and a strong dollar gold price.
Despite a slew of economic statistics released yesterday by the Reserve Bank which allowed the talking heads to get all gloomy about the prospects for the rand, our currency appears to have given up trying to get above 7 to the USD. This in turn has brought some bearishness into the share prices and returns in June now look unlikely to challenge the wonder days we enjoyed last month. Some mutterings about consumer spending slowdown has seen profit taking in the retailers. Nevertheless recent industrial company results still seem to be very healthy.
For two grand a head you can pop along to a seminar next week that promises in just one day to reveal the secrets to “Cracking the Obstacles to Funding BEE Deals”. For considerably less than that, in fact for free, could I suggest that a satisfactory return on investment would do the trick? The detail that the venue for this shindig is a casino makes me suspicious. But then the problem with one of the popular alternative venues is that they may not have recovered from hosting this weekend’s attempt to build the ‘Longest Sausage Roll in the World’ nor from another record-setting event entitled ‘Most People to Attend a Course in CPR at One Venue in One Day’.
I am trying to decide if either of these proceedings have been planned deliberately to precede Monday’s party when the great and good and also the not so great and possibly the downright dishonest will be in town to celebrate the Freedom Charter’s origins. The first ever session of Parliament outside Cape Town can look forward to watching the President light a flame of freedom and hearing addresses from a number of dignitaries. Doubtless, substantial snacks will be provided, for which a giant sausage roll could be a useful contribution. And delegates overcome with emotion or boredom may be pleased to have an abundance of CPR skills nearby.
I am delighted to have so many loyal readers who are disappointed when Tidemarks does not appear. However, I should warn you that our imminent office move from Hyde Park to Fricker Road in Illovo (yes, I’m disappointed too) relies upon Telkom providing appropriate lines and wires on time. Disruption to normal service is possible, but when we get back on line there could well be some great stories to tell you. In the meantime prepare for the barney at Boet Erasmus (is it still called that?) and have a another glass or two in recognition of the Bangladesh victory over the Aussies.
Keep warm
James Greener
24th June 2005
