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Gold/Mining/Energy : Gold Price Monitor
GDXJ 92.99+2.9%Nov 7 4:00 PM EST
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To: Crimson Ghost who wrote (63261)2/3/2001 11:23:16 AM
From: GST  Read Replies (1) of 116753
 
George: I started buying shares in gold mining companies about 4 years ago. There have been a few times when I lightened up -- but I have been over-weight in gold for some time now. Twenty years is a long time for a market to trend down -- calling short term moves in gold is, I agree, fruitless. But the real issue for gold is not the short term trend -- it is the turning of the long-term trend. And on that score I think the US economy might be giving us a hand right now. Countries do not run current account deficits forever -- not at the level we have. Most of the world has forgotten the role of gold as a store of value -- some say its role is dead. I do not agree, and it will not take many people to turn the tide. The thing about gold, and the reason why global financiers do not like it for rational reasons, is that there really is not very much of it and its supply cannot be artificially induced the way fiat money can -- precisely the reason why sane people buy it as a store of value. My approach as an investor is pretty much the same as yours. But I do ask myself why I own it at all from time-to-time -- as a store of value and as hedge against the unwinding of some imbalances in the financial system that have only grown larger each year as gold is (ironically) seen to be less and less valuable.
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