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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 226.19

-1.8%

Dec 12 3:59 PM EST

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To: Oeconomicus who wrote (143201)	6/20/2002 11:43:19 AM
From: GST	Read Replies (2) of 164684

"Attention gold bugs, this is how you make a case based on the law of supply and demand" Incorrect. That is how you make a case that the housing market in total is not a positional good to begin with and not likely to be in a bubble now or anytime soon. But you clearly cannot identify supply-demand bubble-potential for positional goods with the approach you have taken. As for speculators from your early note, you do not seem to be aware that we have yet to work off 20 years of extreme speculation on the short side in the gold market. This was a safe bet up until recently and allowed players to use almost unlimited leverage on the short side. It worked for 20 years very well by targeting the positional value of gold and trying to systematically destroy that positional character. The tide has turned and gold is just starting to show that it is still a positional good. Price appreciation can be significant and abrupt. If you don't wish to put money into this, I don't blame you. It defies your logic.

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