probably made by Goldman Sachs right after they put PM on their so-called "conviction" buy list. Remember these are the people who underwrote & sold all those CDO's into the international banking system, then went short those same securities resulting in a near collapse of the global economy. Goldman Sachs is who you are up against, folks...but according to Blankfein, it's all perfectly legal. After all, Goldman Sachs is only "doing God's work"!
Perhaps Goldman put it on "conviction buy" just to dump it on everyone, but I don't think so. I remember Goldman putting SHLD on "Conviction Sell" right before SHLD proceeded to lose 65% of it's value.. I remember Goldman putting AN on "Conviction Buy" at $6.00 per share in Nov. 2008, AN proceeded to nearly quadruple over the next year. Goldman merely stated that the market wasn't giving PM a proper valuation based on it's growth rate, and I agree. Now it's just more of a buy than before.
do you also remember Goldman exclaiming with great fanfare that crude oil would hit $200 a barrel, and it promptly ran up to around $175. Of course that was the kick in the teeth to the economy. Now where is crude oil trading...$74 a barrel. You can be an apologist all you want for Wall Street, but the good they used to do for the economy seems far away from the certain harm they now apear to do it.
I am pretty heavy PM from 37 range, bought some a bit higher also. I'd be a net accumulater at this price and market cycle than a net seller. It's already down like 15% from the high, has a stable yield, and is fairly priced. Minimal downside, 5% return nearly guaranteed in yield. I think the principal is at a minimum safe to be returned in tact in 5 years. Seems logical to me.