Russ:
Would be interested in your take on this extremely negative gold post by Zeev Head from Steve's Channeling thread. He is no idiot and has been very good on the overall stock market. To me this shows that the anti-gold mantra has become a secular religion with some people.
Sunday, May 27, 2001 11:10 PM
Syd, forget about GATA, they are a bunch of whining guys and their conspiracy theories are laughable. They do not see the simple truth, there are 20,000 tonnes of gold overhead supply at the CB's, the CB have long ago determined that tying currencies to gold will create either a major calamity or worst, perpetual inflation and have decided long ago (possibly as long ago as Bretenwood) to gradually abandon that standard. If gold goes above $350/oz, there will rapidly develop oversupply, not only due to acceleration of CB's selling, but because technology has lowered the cost of gold extraction and at that price, even low grades (less than .05 ounces per tonnes) are "mineable". |
