Very good point, Pat. However, that is why we have a broad base of people posting articles and commenting on them. If you know the story behind the story, then you should comment on it, as you have done here. Without your comments, I may have read the article anyway, whether Mike posted it or not, and interpreted a different way. One thing I like about this thread is the articles from a broad base of newspapers, giving different perspectives. I realize that newspapers must sensationalize the news to sell papers and that many of these "experts" couldn't find gold in a jewelry store. I think one way we can tell when gold has hit bottom is to watch when the newspaper articles turn positive. A few positive articles have already started to appear. Whether this is a dead cat bounce right now or whether this is the bottom, is hard to tell.
The alternative, not posting or reading any articles on gold at all, is worse in my opinion. Then the only source of news that we would have is the company news releases. Then if you read that XYZ company hit a vein of gold at 70 grams per ton and the stock dropped, you would wonder why. Or take the other event, BreX, certainly explained why the price dropped on many stocks. But as you pointed out, taking 70 million ounces out of the market should have made gold stocks go up. But people panicked and dumped everything. That is good, there are a lot of good bargains out there. I have done better since the BreX news, than before. Lately my SPECULATION strategy is to buy a good stock that goes down to 10% of it's value on March 24 and to sell it when it bounces 25 to 50%.
I don't base my investment decisions only on articles posted by Mike or myself. I weigh a lot of other factors and so should anyone who wants to invest and make money. I get and READ the company prospectus and financial statements.
Many times here and on other SI threads, you can read the story behind the story. I know when they were talking about gold recycling from computer boards, I wanted to jump in and answer but someone else posted before me. The first person seemed to have the impression that computer boards have a lot of gold. Collectively, computer boards do. But individual boards have very little gold plating. I have build some and we measure the pads for gold plating in thousands of an inch. Also, when our company scraps the boards, they are crushed first, making it virtually impractical to recover any gold from that tangled mess of plastic, garbage steel and gold. We buy the boards new for $60.00, so I can imagine that the gold must be worth 0.005 cents.
I appreciate your comments and that people should be very careful as to the news and price of gold and mines that are shut down. Try to get news from reliable sources. I think I only read 3 articles that said Busang was a bust, one year before it happened and explained why. Now when I read articles by these writers, I give them more credibility then others who were saying 70, no that is not right, it is 200 million ounces.
So, I hope that Mike and others will keep posting articles and that you will comment and provide balance and the story behind the news. I am working 7 days a week now so have less time to search for articles. |
