Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (44894)	1/18/2004 4:18:42 AM
From: Maurice Winn	Read Replies (1) of 74559

Jay, while gold has been popular for thousands of years, there has been plenty of volatility in the price. People paying $800 an ounce 20 years ago have not had a fun time. QCOM with a 60 P:E would still be a better deal than that. 3000 gold watches and the other South Seas wild wealth effect spending they mentioned was trivial compared with the fantasmagoria of extravagance which accompanied the irrational exuberance of the Y2K Biotelecosmictechdot.com mania. People bought the gold watches when they felt wealthy. When they are feeling not so wealthy, they are NOT buying gold. The cost of production is about half the current price. Mqurice

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