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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who started this subject4/18/2002 12:06:56 PM
From: baystock  Read Replies (1) of 36161
 
<In this respect it is interesting to note that central bankers did not sell any gold in the late 1970s and early 1980s, when gold was above $ 600 and when they could have invested the proceeds from their gold sales in US long-term government bonds at over 13% interest per annum or in short term deposits yielding more than 15%. But now, with gold prices a tad above $ 300, and long-term bond yields at 5.75% and short-term rates below 3%, they consider it to be wise to make this switch. Talking about poor market timing and you do not have to look any further than to our central bankers, whose investment acumen is about as good as the one of the unfortunate investors who bought Internet stocks in March 2000, when the NASDAQ exceeded 5000! >

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