Yes, this chart shows the CAN$ dive much better. :-)
I am afraid that NT can count on Chretien when the time for a bailout comes.
LU's debt achieved the junk status. Why not Nortel's? It would be a fairly natural step.
Excuse me for being a bit emotional about NT but I have been hearing/watching a lot of horror stories from/about their shareholders lately. Also, I am not able to forget the gleeful faces on TV when NT reached the 'priced to perfection' level. I wanted to puke then, I am disgusted with the corporate paper pushers now, when we all know what has happened.
One can ask, what NT, or other paper, has to do with gold?
It somehow happens that the same people who refuse to take any position in gold, gamble their savings away playing NT. There was a sobering story in last weekend's Globe&Mail about a Canadian pilot who, on the advise from the all-knowing analysts, started buying NT in Dec/Jan time frame. As of Friday, his position was ~$CAN 350,000 in red. Yet, he still refuses to accept the real world and sell. He blames himself for the mishap. Today, his position took another ~14% dive.
But was it really a mishap? Roth managed to unload a lot of his shares in his company before the first hair ball was released this year. Was it an attempt to share his wealth with the needy, or just one of the dirtiest exercises in insider trading? Numerous analysts kept touting this stock and many others. And gullible public bought their story.
On the other hand, how the pilot would feel now with a healthy ~50-60% gains in gold stocks on his initial ~0.5 mil investment?
I personally know several people who got burnt badly, if not deadly, by the so-called investment community. The same community that only recently, and with much hesitation and apparent disbelief, started mumbling about gold.
In the effort to keep my sanity intact, I keep browsing 'Reminescences of a stock operator' by Edwin Lefevre. It seems that nothing has changed since the beginning of last century. The brokerage houses and media always make sure that the public ends up as the big LOSER. As the final step in the process, the NA taxpayers will be forced to cough up a lot of paper to rescue the corporate giants. OOOPs, I meant 'midgets', especially when it comes to integrity.
Get gold and survive... |
