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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ItsAllCyclical who wrote (48330)7/22/1999 10:49:00 AM
From: dfloydr  Read Replies (1) of 95453
 
I'm sticking to the oil patch. I grew up next to a gold mine in South Africa which may disqualify me from making intelligent comments on gold.

True: at this time the gold producers are in the same position that the oil producers were in Jan 1999 - namely half are unprofitable.

The difference is that we can have economic recovery without gold. It has a very modest utility value in electronics. Beyond that it flaunts egos by adorning fingers, wrists and necklines which does nothing for the economic health of the world.

Since about 1934 it has had almost no economic utility except in the minds of those who think we are headed for disaster. That is about 65 years. I can't wait that long for my investments to get useful.
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