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'A WORLDWIDE PHENOMENON'Roche is CFO at T. Rowe Price Associates. He manages its $1.3 billion New Era Fund, investing mainly in natural-resource stocks.
ON RESOURCE EQUITIES -- ``Demand for natural resources looks solid. Good supply-demand means rising earnings, which is good for stock prices.''
ON INVESTING IN NON-U.S. EQUITIES -- ``Resources are a worldwide phenomenon. They are dollar-denominated, and though you can get whipsawed by currencies, it's not as likely.''
ON THE OUTLOOK FOR PRECIOUS METALS. -- ``Gold has a favorable supply-demand balance. Consumption exceeds production by a substantial margin. The gap has been filled by central-bank selling and forward-selling by producers. At some stage, that selling will abate, and the price will go up. When? We're close.''
ON THE LINK BETWEEN EQUITY AND COMMODITY PRICES. -- ``Sometimes oil can go up, but in a bad stock market, oil stocks can go down. But energy services are a play on the movement of oil and gas prices.''
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Updated June 14, 1997 by bwwebmaster
Copyright 1996, by The McGraw-Hill Companies Inc. All rights reserved.
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