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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: philv who wrote (21033)5/27/2004 8:17:51 AM
From: sea_urchin  Read Replies (1) of 81011
 
Phil > ...mine resources are continually running out. From that perspective, the price of gold is too low.

Who am I to argue?

In any event, the market cap of most mining shares is far in excess of any tangible value in the particular mine so it is quite clear that investment in gold mining is far more of a ticket in a casino than a participation in a viable income-producing business. It is thus my opinion that gold shares are valued more on the basis of the "warmth" they confer on the goldbug than on NAV, EPS, cash-flow or any of the other mundane accounting criteria. And, as I see it, that's the way it has been for a long time already.
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