gold

1034 [Dow Jones] Newcrest (NCM.AU) remains prefered big-cap gold play for Southern Cross Equities. Broker says gold's 15% fall from May peak is correction in long-term gold bull market and sudden breakout from recent trading range is bullish. Notes oil price is 30% above previous inflation-adjusted peak of US$105.90, whereas gold is 60% below equivalent inflation-adjusted peak of US$2,250. Says investment demand is strong, jewelry buyers have returned and speculators have exited long positions. "As a result, a new high in real terms is very possible within the next few years." NCM up 5.1% at A$31.06. Spot gold up US$1.25 at US$929.00. (DWR)