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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (162014)4/25/2002 10:15:46 AM
From: Tommaso  Read Replies (2) of 436258
 
My feeling about gold is that what has been going on oveer the last six months has been more driven by caution than by greed. It's as if every time the price rises a little, people who had been thinking of buying gold back off, and people who have made profits start thinking of turning them back into cash.

That may well be the best way for a sustained rise to occur--indeed, a sustained rise already has occurred. Since gold was much higher than it now is, in nominal dollars even, through most of the 1980s and 1990s, there is still plenty of room for its being perceived as even more valuable.

I'm trying to apply at least the second or third derivative in guessing at gold prices that Keynes said was needed to speculate on stocks. My own view is that gold is intrinsically of little value except for dentistry and that it will be cheaper and cheaper to produce. But it may be enjoying an interlude again as an "investment"--especially as a store of value.
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