The author, Thom Calandra, is an editor and I believe co-founder of CBS Marketwatch. He is relatively new to gold. I have been in gold for 5 years. I've been reading him for about the same amount of time. He started getting mildly bullish at the very bottom a year or 2 ago. I wish I had listened to him and added more when he came on board. He is now very bullish and from what I can tell, he is not a conspiracy afficinado, like me. He's actually quite mainstream, if anyone who is bullish on gold can be called that yet. <g>
Look fellas, I know it's tough being long ABX at a time like this, when everyone seems to be picking on it. Just understand that we anti-hedgies don't want ABX to go under. A lot of us would go long if they did like AU and announced they were going to aggressively deliver into their forwards and close out the calls. But you ABX longs need to take all the fuss as a good reason to redouble your due diligence. I have not read anything here which convinces me that ABX isn't in deep trouble. You seem to be taking the company's word for things a little too confidently for this day and age. How many companies imploded today (this week, this year) because management's past sins were exposed to the light of day?
Show me where ABX management has made a clear statement to the effect that they'd have no problem with gold going to $600 or higher this year. Absent a clear statement like that, one which would get them their butts sued off if they were lying, I must assume they have something to hide. They deny there's a problem without full disclosure. It seems to be in the nature of the derivative beast that when things start to go against one's position, secrecy is the order of the day.
Complicated hedgebooks and lack of transparency is just not good enough for my dollars, no matter how many times you call me ignorant or worse. Fist pounding is counterproductive here. People tend to discount the words of someone who hurls insults. Think, be polite, then write. That goes for all. |
