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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2404)4/15/2002 7:32:09 AM
From: nickel61  Read Replies (1) of 3558
 
I am as usual impressed with your responses to my post.

I am especially interested in the fact that you are familar with the important role that the "gold carry trade" has played in bringing gold out of the central banks vaults and into the spot market. I assume that you will concede that this activity has been incredibly profitable for those who placed their bets early on the side of declining gold spot prices and in addition I assume you will concede that the amount of gold sold this way had an effect on the spot gold price these last six years. So there is much we actually agree on.....One point I don't is your point below..

"Even in these lands, gold has done little to appreciate over the long term,...dead money. Lots of short term movements up and down, but not something you can count on."

If you simply chart the price of gold in any convertable currency of the countries I mentioned you will quickly see the error of this statement. The fall away of these currencies is dramatic over any time period you wish to evaluate. The price of gold in these currencies has risen steadily for all of the last hundred years...as it has in US dollar terms as well, but in the dollars case the last two decades has shown a decline as the US dollar went from very weak in 1980 to very strong today..all the other converible currencies for the countries I mentioned would show gold appreciating trememdously during this period (the last two decades)of course.
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